PayPal simply rolled out a brand new service that enables customers to fund their cross-border cash transfers utilizing PayPalUSD (PYUSD), the US dollar-pegged stablecoin that the net funds big unveiled in August final 12 months.
In a brand new assertion, PayPal says that US customers of remittance supplier Xoom can now convert the PYUSD of their PayPal account to US {dollars} and use this as a funding supply to ship cash to pals and households in roughly 160 nations.
When a consumer selects the brand new funding choice, Xoom will convert the PYUSD within the linked PayPal cryptocurrency hub to USD and not using a crypto sale charge. The recipient then receives the funds within the fiat forex that the sender chosen.
PayPal says Xoom is not going to cost transaction charges for stablecoin-funded cash transfers however remittances acquired in forex aside from the US greenback can be topic to alternate charge and conversion unfold.
PayPal and Xoom launched the brand new service as the worldwide common price of sending remittances stays excessive at 6.18%, based on a Q3 2023 report from the World Financial institution.
Says Jose Fernandez da Ponte, senior vice chairman of the Blockchain, Cryptocurrency, and Digital Forex Group at PayPal.
“Enabling US customers of Xoom the choice to fund cross-border cash transfers utilizing PYUSD builds on our objective of driving mainstream adoption of cryptocurrencies whereas additionally providing a simple solution to securely ship cash to family and friends at a decrease price.”
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