PayPal Allows Use of PYUSD for International Payments

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PayPal announced on April 4 that it has launched its cross-border payments and transfers service, Xoom.

This service is now available to customers in the United States, allowing them to send money to recipients in approximately 160 countries using the company’s stablecoin, PYUSD.

The new option will waive transaction fees for Xoom users in the US when sending money to friends and family abroad.

According to a press release, the company referenced a World Bank report which states that the average cost of sending $200 worldwide is over 6%.

PayPal is also looking to increase the use of its stablecoin. Jose Fernandez da Ponte, the company’s vice president, stated that enabling Xoom users in the US to make cross-border transfers using PYUSD is in line with their goal of promoting mainstream adoption of cryptocurrencies.