In an exciting development for its U.S. customers, PayPal has unveiled its latest offering: the ability to use its stablecoin, PayPal USD (PYUSD), for international payments. The announcement came today in a press release, highlighting the company’s commitment to innovation and accessibility in the digital payment space.
Through PayPal’s Xoom payment platform, users can now seamlessly convert their PayPal USD to dollars and transfer funds to recipients in approximately 160 countries. What sets this service apart is the absence of any fees, making cross-border transactions more affordable and convenient for users.
PYUSD operates as a virtual token built on the Ethereum blockchain, ensuring security and reliability. As a dollar-pegged stablecoin, it is backed by cash equivalents and short-term treasuries, providing stability and peace of mind to users. Launched last year, PYUSD was issued by Paxos Trust Co., further solidifying its credibility in the market.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of the blockchain, cryptocurrency, and digital currency group, emphasized the company’s vision behind the introduction of PYUSD. He stated, “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.”
This move underscores PayPal’s commitment to driving mainstream adoption of cryptocurrencies while addressing the practical needs of its user base. By offering a stablecoin for international transactions, PayPal is not only expanding its service offerings but also revolutionizing the way individuals and businesses conduct cross-border payments.
As the digital payment landscape continues to evolve, PayPal remains at the forefront of innovation, striving to provide secure, efficient, and cost-effective solutions for its global user community.
