Xoom Allows PayPal USD (PYUSD) Stablecoin for International Transfers

• Xoom customers in the US will not be charged any transaction fees by PayPal.
• The USD-pegged stablecoin was released by PayPal in August of 2023.

Users may now fund international Xoom transfers using PayPal USD (PYUSD), the company’s dedicated stablecoin linked to the U.S dollar. This is a new feature that Xoom, a PayPal cross-border money transfer service, has introduced.

Xoom customers in the US will not be charged any transaction fees by PayPal when they fund qualified transactions to more than 160 countries, according to the company’s statement. At a time when people are looking for cheaper ways to send money abroad, Xoom has introduced a new innovation.

Facilitating International Transfers

Due to the high expense of international money transfers, this is of the utmost importance. To capitalize on the industry’s growth, Ripple partnered with Onafriq to facilitate international money transfers across the GCC, Africa, the United Kingdom, and Australia.

An international money transfer costs somewhat more than 6% on average, according to World Bank data from Q3 2023. Furthermore, Xoom aspires to provide a more cost-effective alternative to PYUSD-paid transfers by removing Xoom transaction fees and enabling transfers funded using USD.

Paxos, the stablecoin issuer, has recently formed a new strategic alliance with Chainlink, the blockchain provider of market data for PayPal USD, in an effort to hasten the adoption of PayPal USD for on-chain transactions.

Moreover, according to Jose Fernandez da Ponte, PayPal’s Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group, the goal of creating PayPal USD was to guarantee value stability and its usefulness in payments. The USD-pegged stablecoin was released by PayPal in August of 2023. With the goal of strengthening its position in the digital payment space and expediting the use of digital currencies for transactions.

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