Yesterday PayPal announced the integration of its PYUSD stablecoin with its Xoom cross border payment app. U.S. customers can fund payments using the stablecoin with no transaction fees. However, if the payee receives a different currency it will be subject to normal exchange rates.
“When we decided to bring PayPal USD 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, SVP of the Blockchain, Cryptocurrency, and Digital Currency Group, PayPal.
“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.”
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