This new feature from PayPal is a significant step towards making cryptocurrency more mainstream and providing users with cheaper, secure global payment options. By utilizing the PYUSD stablecoin for international transfers, US customers can now send money to over 160 countries without incurring any transaction fees through Xoom.
The ability to convert PYUSD to USD for these transfers offers users flexibility and convenience, allowing funds to be sent directly to a recipient’s preferred financial institution or mobile wallet. This service not only meets the increasing demand for economical and secure international payment methods but also aligns with the growing interest in cryptocurrency adoption.
With PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currency, Jose Fernandez da Ponte, endorsing this new feature, it is clear that the company is committed to driving mainstream adoption of cryptocurrencies. This move also comes at a time when regulatory scrutiny on stablecoins, such as PYUSD, is increasing, with PayPal previously receiving a subpoena from the SEC in 2023.
Overall, this update from PayPal marks a significant development in the crypto and fintech space, offering US customers a seamless and cost-effective way to send money internationally while embracing the benefits of digital currencies.
