PayPal has launched a new service that allows users to fund cross-border transfers using PayPalUSD (PYUSD), a US dollar-pegged stablecoin that it unveiled in August last year.
PayPal said in a new statement that U.S. users of money transfer provider
When a user selects a new funding option, Xoom will convert PYUSD from the connected PayPal cryptocurrency hub to USD without any cryptocurrency selling fees. The recipient then receives the funds in the fiat currency of the sender’s choice.
PayPal said Xoom does not charge transaction fees for stablecoin fund transfers, but exchange rates and conversion spreads apply to transfers received in currencies other than the U.S. dollar.
PayPal and Xoom have launched new services as the global average cost of remittances remains high at 6.18%, according to the World Bank’s Q3 2023 report.
says Jose Fernandez da Ponte, senior vice president of PayPal’s Blockchain, Cryptocurrency and Digital Currency Group.
“Offering Xoom’s U.S. users the option to fund cross-border money transfers using PYUSD promotes mainstream adoption of cryptocurrency while providing an easy way to send money to friends and family securely and at a low cost. It’s based on what we want to do.”
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