Paypal’s Xoom provides PYUSD as funding for cross-border cash transfers

• PayPal permits use of PYUSD in cross-border transfers for Xoom customers
• Xoom customers within the US can convert PYUSD into USD and ship cash to 160 international locations.

Xoom, the worldwide cash switch platform of funds processing large PayPal, has introduced that it now helps the usage of PayPal USD (PYUSD) as a funding choice for customers in the USA.

In an announcement right this moment, the cross-border cash switch platform stated eligible US customers can now convert PYUSD into US {dollars} when seeking to ship cash to family and friends.

PayPal expands PYUSD adoption

PayPal USD is a USD dollar-denominated stablecoin that PayPal launched in August 2023 and its use on Xoom will now see US customers in a position to ship cash throughout borders to 160 international locations.

There’s no crypto sale price when changing PYUSD to USD and no Xoom transaction charges, the platform introduced.

“After we determined to deliver PayPal USD to market, we had two aims we wished to realize: create one thing that had a steady worth to maximise person confidence and guarantee it had utility for commerce and funds,” Jose Fernandez da Ponte, SVP of Blockchain, Cryptocurrency, and Digital Forex Group at PayPal famous in a press release.

By enabling Xoom customers within the US to faucet into the brand new funding choice, PayPal is increasing on its mission to bolster mainstream adoption of crypto, the PayPal exec added.

PayPal’s transfer to broaden utilization of its PYUSD stablecoin comes because the ecosystem sees elevated adoption. Prime stablecoins USDT and USDC proceed to broaden, whereas Ripple has introduced plans to launch its personal stablecoin pegged to the US greenback later this yr.

In line with information from CoinGecko, the present stablecoin market capitalization is $154 billion, with $106 billion for USDT and $33 billion for USDC.

PYUSD is the 12th largest stablecoin by market cap at $190 million.