Payment system PayPal has expanded its international transfer options. Now users will be able to send transfers in US dollars converted from the PYUSD stablecoin.
Such an advantage was given to US residents with the exception of Hawaii, reports Cryptopotato.
PayPal has announced the ability to convert its PYUSD stablecoin to US dollars for international money transfers. Users of the Xoom cross-border payment platform from the US will be able to convert PYUSD into US dollars and then make transfers to 160 countries.
The payments giant officially announced that no fees will be charged for such transfers, which is in line with the company's goals to reduce the cost of sending money.
Jose Fernandez da Ponte, Senior Vice President of PayPal, said, "The launch of the PayPal USD stablecoin helped us achieve two goals: to create something with a stable value to increase user confidence and to ensure its usefulness for making payments. Allowing US Xoom users to make cross-border money transfers using PYUSD meets our goals of encouraging mass adoption of cryptocurrencies and provides an easy way to securely send money to friends and family at a lower cost."
Experts say that the stablecoin market is becoming increasingly popular. The best and most popular stablecoins remain Tether's USDT and Circle's USD, but the newly launched stablecoins are ready to compete with them.
This is true for both PYUSD and Ripple's own announced stablecoin, which will launch later this year. It will also be pegged to the US dollar.
Payment company PayPal launched its own dollar-linked PYUSD steiblcoin in August 2023. The goal of the launch was to remove barriers to making payments and offer a lower cost for transfers.
The move proved to be in demand, and several major exchanges, such as Coinbase, Huobi, Kraken, and Crypto.com, immediately announced the listing of PYUSD. Crypto.com subsequently partnered with PayPal to become the preferred exchange for PYUSD.
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