PayPal has announced a significant update to its Xoom cross-border remittance service, allowing U.S. users to convert PayPal's stablecoin, PYUSD, into U.S. dollars for use in international money transfers. This new feature enables customers to send money to recipients in approximately 160 countries without incurring transaction fees. The service leverages the Paxos-issued PYUSD stablecoin, highlighting PayPal's commitment to utilizing digital currencies to facilitate cost-effective and secure global transactions. The move is part of a broader trend in the financial industry towards embracing stablecoins for cross-border payments, as evidenced by Ripple's recent announcement of a new U.S. dollar-pegged stablecoin.
.@PayPal introduces U.S. dollar conversions for its #PYUSD stablecoin, enabling cross-border payments through its Xoom service. https://t.co/FP3MBBpzvh
PayPal's international payment service, Xoom, will allow U.S.-based users to send money overseas using PayPal's stablecoin, PYUSD https://t.co/rhhPAS7Mvr
The Xoom cross-border money transfer service now allows customers to send funds abroad using dollars converted from the PayPal USD stablecoin. https://t.co/U5hWRskyd4
⚖️ “Stablecoin Wars” Heat Up As @PayPal Enables $PYUSD For Cross-Border Transfers @Ripple has also announced a new U.S. dollar-pegged stablecoin. Read more: https://t.co/QjNt9OpXfF https://t.co/6D3cxySRo8
Starting today, US customers of PayPal's @Xoom can now convert the Paxos-issued PYUSD to USD to fund cross-border money transfers. This a major step forward in driving cost-effective and secure mainstream adoption of stablecoins 🚀 Learn more here: https://t.co/YCJ8WySc0F
BREAKING: @PayPal TO ALLOW U.S. USERS OF THE COMPANY'S INTERNATIONAL PAYMENTS SERVICE "XOOM" TO CONVERT $PYUSD TO $USD AND THEN SEND MONEY TO "RECIPIENTS IN APPROXIMATELY 160 COUNTRIES" WITHOUT BEING CHARGED TRANSACTION FEES https://t.co/vJI3xMRpAu
Xoom Finance, PayPal’s cross-border remittance service, now allows U.S. Xoom users to convert their holdings of PayPal’s stablecoin PYUSD into U.S. dollars and use it as a source of funds to send money to recipients in approximately 160 countries around the world.…