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PayPal Ramps Up PYUSD Utility: Users Can Now Send Stablecoin for Cross-Border Payments

PayPal Ramps Up PYUSD Utility: Users Can Now Send Stablecoin for Cross-Border Payments

PayPal is expanding the use cases for its own stablecoin, PayPal USD (PYUSD). Starting on April 4th, U.S. users can now leverage PYUSD for international money transfers through Xoom, PayPal’s trusted platform for cross-border transactions. This move allows users to send PYUSD to beneficiaries in over 160 countries, potentially offering a cost-effective and secure alternative for international payments.

 

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PYUSD Makes Strides in Global Reach

“We aimed to achieve two key goals when launching PYUSD,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain and Crypto Assets at PayPal. “First, to create a stablecoin with a reliable value, boosting user confidence. Second, to ensure its utility for everyday transactions and payments.”

The Xoom integration signifies a significant step towards mainstream adoption for PYUSD. U.S. users can easily send PYUSD to international recipients by transferring it from their PayPal Cryptocurrency Hub to Xoom. It’s important to note that transactions in currencies other than USD will still incur currency conversion fees.

PYUSD Supply Reduction: A Strategic Move?

This development comes amidst growing competition in the stablecoin market, with Ripple recently announcing its own stablecoin launch. Interestingly, PYUSD’s supply has actually decreased over the past month, contrasting with the growth experienced by leading competitors like Tether (USDT) and USD Coin (USDC). Data from CoinGecko reveals an 18.8% reduction in PYUSD’s supply within the last 30 days. While its current market capitalization of roughly $190 million remains significantly smaller compared to established stablecoins, this supply decrease could be a strategic move by PayPal to maintain PYUSD’s peg to the US dollar.

The Future of PYUSD

With the Xoom integration and potential supply management strategies, PayPal is actively expanding the utility and stability of PYUSD. While it faces competition from larger players, PYUSD’s integration with a trusted platform like Xoom could be a significant advantage in attracting users for secure and potentially cost-effective cross-border transactions.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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