Xoom, PayPal’s international payments service, allows U.S.-based users to send money abroad using PYUSD, PayPal’s stablecoin.
The new option allows you to convert PYUSD to US dollars, allowing you to send money to approximately 160 countries without any fees from Xoom.
Users can transfer funds directly to bank accounts, mobile wallets, and international pickup locations, but currency conversion to USD involves a markup.
In a recent announcement, the company highlighted that users can transfer funds internationally using PYUSD without Xoom’s transaction fees. The service supports a variety of payment methods, including direct transfer to a bank account, mobile wallet, or local financial institution where the recipient can receive the money.
Transactions involving currency conversion involve spreads. The service is available to all U.S. users except Hawaii due to state-specific regulations for holding cryptocurrency.
New York-based Paxos Trust Company oversees the issuance and management of PYUSD. Since launching in August, the service has minted nearly $200 million in PYUSD. On the same day, Ripple announced its intention to enter the stablecoin space with a US dollar-backed service, aiming to compete in a $150 billion market.