PAYPAL LAUNCHES PYUSD TO USD FOR GLOBAL TRANSFERS 

PayPal has introduced the capability for U.S. users to convert its PayPal USD (PYUSD) stablecoin to USD for international money transfers.

The financial services powerhouse PayPal now allows its American users to utilize the PYUSD stablecoin for sending money internationally by converting it to USD. This feature is aimed at facilitating easier and fee-free transactions to over 160 countries through its Xoom payments platform. However, PYUSD will not be accessible to those living in Hawaii.

The initiative, detailed in an April 4th announcement, aligns with PayPal’s broader objectives of fostering cryptocurrency adoption and providing a stable and trustworthy digital currency for global transactions. Jose Fernandez da Ponte, a senior executive at PayPal, emphasized the stablecoin’s role in bolstering user confidence and its applicability in cross-border payments, reflecting the company’s commitment to integrating digital currencies into everyday commerce.

The stablecoin sector is becoming increasingly competitive, with leading coins like USDT and USDC facing new challengers, including an upcoming USD-pegged stablecoin from Ripple expected later in the year.

PayPal unveiled PYUSD in August 2023, developed in partnership with Paxos on the Ethereum blockchain, to streamline payments and reduce costs in digital transactions, including remittances and international payments. The launch was met with enthusiasm from the crypto community and quickly gained support from major exchanges such as Huobi, Kraken, Crypto.com, and Coinbase. Venmo, too, began supporting PYUSD, and Crypto.com was announced as PayPal’s preferred exchange for the stablecoin.

Despite its positive reception, PayPal disclosed in November that it had received an SEC subpoena regarding its stablecoin operations, highlighting the regulatory challenges faced by digital currencies in the U.S.

Read more from the blog

News

3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

News

16 May 2024

MASTERCARD LAUNCHES NEW BLOCKCHAIN STARTUP PROGRAM 

News

16 May 2024

BITCOIN HITS $64.7K AS US CORE INFLATION DIPS