Ripple, the developer behind the XRP Ledger, is entering the booming stablecoin market with a new offering pegged 1:1 to the USD, set to launch later this year amid a crypto market revival. This move positions Ripple against major players like Tether, USDC, Circle, and PayPal in the rapidly expanding stablecoin sector, which is currently valued at around $150 billion and is projected to grow to over $2.8 trillion by 2028. In related developments, PayPal has announced that its 'Xoom' platform now supports funding with its $PYUSD stablecoin, enabling US customers to use the stablecoin for international payments without transaction fees to 160 countries. This innovation marks a significant shift in the digital payments landscape, highlighting the increasing competition and innovation within the stablecoin market.
π¨π‘ Innovation Alert π₯π― Announced yesterday! With PYUSD you can now take your permissionless blockchain dollar and turn it back into a PayPal balance before sending it cross border. With zero fees!! https://t.co/29PBwxxoIm
#Paypal's Xoom Adds $PYUSD Cross-Border Transfers Amid Coin's Supply Reduction https://t.co/PM6bf9Jf6S
PayPal Enables Stablecoin-To-Fiat Option for International Money Payments βΊ https://t.co/w19grSFZKw https://t.co/w19grSFZKw
unusual that PayPal is cannibalizing their fx fees; now over Xoom remittances for fee-free money transfers using its stablecoin PYUSD. https://t.co/aPwKWQ2te6 $PYPL
Payments Giant @PayPal Integrates $PYUSD for International Transfers on Xoom https://t.co/PM6bf9Jf6S
$XRP is now going to have a stablecoin that's crazy Ripple has the funds to do it, thats for sure
The stable coin wars are heating up https://t.co/asT0tzvHo6
ZERO transaction fees to send @PayPal's stablecoin to 160 countries. Massive. https://t.co/XRZHsTSxY3
US PayPal customers will be able to use stablecoin for international payments https://t.co/9Mx8N8YGK5
JUST IN: PAYPAL'S 'XOOM' PLATFORM NOW SUPPORTS FUNDING WITH $PYUSD STABLECOIN
Ripple to face off against Circle, PayPal with new USD stablecoin https://t.co/qAbBUneI8m
Ripple Labs joins stablecoin rush amid crypto market revival https://t.co/UNIUakQqiv
1/ The stablecoin market is booming β around $150B today, and projected to soar past $2.8T by 2028. There's a clear demand for trust, stability, and utility. That's why later this year weβre launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.β¦
COINDESK: Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC https://t.co/IPZjVYvHIY