PayPal’s Xoom Integrates PYUSD to Simplify Cross-Border Transfers
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PayPal’s Xoom Embraces Crypto Integration
In a move towards enhancing the accessibility and utility of cryptocurrencies in everyday transactions, PayPal’s Xoom, the renowned international money transfer platform, has launched support for PayPal USD (PYUSD) as a funding option for users based in the United States. Effective immediately, eligible Xoom users in the US can seamlessly convert PYUSD into US dollars, simplifying funds transfer to friends and family across 160 countries.
The integration of PYUSD marks a significant milestone in PayPal’s ongoing efforts to foster mainstream adoption of cryptocurrencies and bolster the efficiency of cross-border transactions. Launched by PayPal in August 2023, PYUSD is a USD-denominated stablecoin with zero crypto sale fees during the conversion process and no transaction fees on Xoom.
This integration offers users a cost-effective and frictionless solution for international money transfers. Jose Fernandez da Ponte, PayPal’s Senior Vice President overseeing Blockchain, Cryptocurrency, and Digital Currency Group, expressed his excitement about the integration.
He further mentioned that the firm had two primary goals for introducing PayPal USD – to develop an asset with a stable value to enhance user trust and ensure its usefulness for commercial transactions and payments.
By enabling US-based Xoom users to leverage PYUSD as a funding option, PayPal is expanding the reach of its crypto offerings and reaffirming its commitment to driving innovation in the FinTech space.
Driving Mainstream Adoption And Market Impact
The integration of PYUSD into the Xoom platform comes at a time of heightened interest and adoption for cryptocurrencies. Leading stablecoins such as USDT and USDC continue to experience exponential growth.
Despite being relatively new to the scene, PYUSD has quickly emerged as the 12th largest stablecoin by market capitalization, boasting an impressive $190 million valuation, according to data from CoinGecko.
Ripple To Venture Into Stablecoin Space With USD-Pegged Token
Meanwhile, the popular blockchain platform, Ripple, has unveiled plans to introduce a USD-pegged stablecoin. According to an announcement by Ripple CEO Brad Garlinghouse, the stablecoin will debut later this year, marking a significant milestone in the company’s journey to bridge the gap between traditional finance and the burgeoning crypto ecosystem.
Set to be backed by US dollar deposits, short-term US government Treasuries, and other cash equivalents, Ripple’s stablecoin aims to deliver unparalleled trust, stability, and utility to users across various blockchain networks.
With an eye on capturing a slice of the booming stablecoin market, forecasted to surpass $2.8 trillion by 2028, Ripple aims to cement its position as a key player in this digital asset space early.
Ripple’s Vision For Bridging Traditional Finance With Crypto
Ripple’s Chief Technology Officer David Schwartz reiterated that the firm remains committed to conquering the market with innovative solutions. Despite its protracted legal battle with the US Securities and Exchange Commission (SEC), Ripple remains undeterred in driving broader industry transformation.
Monica Long, President of the blockchain firm, remarked that the stablecoin will be a pivotal entry point to unlock new decentralized finance (DeFi) opportunities across diverse blockchain ecosystems. Amidst its ongoing lawsuit with the US SEC, Ripple’s foray into the stablecoin space signals a strategic pivot towards offering compliant solutions tailored to the evolving needs of institutional players and retail investors.
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