KEY FACT: PayPal USD is now a Funding Option for Cross-Border Money Transfers. Users in the United States outside the state of Hawaii can now send money to friends and family abroad using USD converted from PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin.
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Amid the rising demand for cost-effective options for cross-border payments, PayPal has announced its readiness to allow users in the United States to fund money transfers to family and friends abroad using U.S. dollars converted from its native stablecoin PayPal USD (PYUSD). PayPal USD (PYUSD) is a U.S. dollar-denominated stablecoin
PayPal's cross-border money transfer service, rolling out to customers in the U.S. starting today, is available on Xoom - a PayPal service where users can send money to friends and family in over 160 countries.
According to Paypal in the April 4 announcement, the PayPal USD funding service comes with no Xoom transaction fees.
“By introducing the option to fund cross-border money transfers with USD converted from PYUSD, Xoom now offers an easy and reliable way for U.S. users to send money abroad using PYUSD as a funding source,”...“When this option is selected, Xoom will convert the PYUSD in a U.S. user’s PayPal Cryptocurrency Hub to USD currency with no crypto sale fee, and recipients will receive funds in the fiat currency selected by the sender."
PayPal USD is issued by Paxos Trust Company in New York. From its launch in August 2023, close to $200 million PYUSD has been issued. That is well below USD Coin’s (USDC) market cap of $32.9 billion and Tether’s (USDT) $110 billion, however, it is adjudged to create a stable value capable of maximizing user confidence and becoming one of the top options for commerce and payments.
PayPal USD funding option is open for all U.S. users except those in Hawaii, where the holding of cryptocurrencies with PayPal is prohibited by state law.
Meanwhile, Ripple has announced its launch of U.S. dollar-backed stablecoin to rival the $150 billion stablecoin market. Pushing for more stablecoins would contribute to a more stable and functional cryptocurrency ecosystem, attracting a wider range of participants and uses.
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