Paypal Integrates PYUSD for International Transfers on Xoom
PayPal announced on Thursday that its cross-border remittance platform, Xoom, now facilitates the international transfer of PYUSD. Essentially, Xoom operates as PayPal's gateway for cross-border payments
PayPal's Xoom Adds PYUSD Cross-Border Transfers Amid Coin's Supply Reduction
PayPal announced on Thursday that its cross-border remittance platform, Xoom, now facilitates the international transfer of PYUSD. Essentially, Xoom operates as PayPal's gateway for cross-border payments. Users in the U.S. must have PYUSD available in their PayPal Cryptocurrency Hub and can then transfer it via Xoom. In essence, any transactions processed in currencies other than USD will incur a transaction exchange rate, inclusive of a currency conversion spread.
"When we decided to bring [PYUSD] to market, we had two objectives we wanted to achieve: create something that had a stable value to maximize user confidence and ensure it had utility for commerce and payments," said Jose Fernandez da Ponte, senior vice president of blockchain and crypto assets at PayPal.
The PayPal executive added:
Enabling U.S. users of Xoom the option to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencies while also offering an easy way to securely send money to friends and family at a lower cost.
