PayPal supports converting PYUSD to USD for international money transfers

Global payments giant PayPal has announced that it will expand international transfer options by enabling the exchange of PYUSD and US dollars. At the same time, U.S. users can now use U.S. dollars converted from the EPayPal USD (PYUSD) determined currency to transfer funds to relatives and friends overseas.

However, PYUSD is not available to residents of Hawaii.

PYUSD to USD exchange for cross-border transfers

PayPal said U.S. customers using its cross-border payments platform Xoom will be able to convert PYUSD to U.S. dollars and then send funds to recipients in about 160 countries. This means that American users can now make international transfers through PayPal's determined currency PYUSD. First, convert PYUSD into US dollars, and then send the funds to all parts of the world through the Xoom service, which greatly expands the practicality of PYUSD and the convenience of cross-border payments.

According to an official statement on April 4, no transaction fees will be charged.

Jose, Senior Vice President of Blockchain, Cryptocurrency and Digital Currency at PayPal Commenting on this latest development, Fernandez da Ponte said:

When we decided to promote PayPal USD, we had two goals we wanted to achieve: create a product with established value to maximize user confidence, and ensure its usefulness as a commerce and payment tool.

Offering funds as a cross-border remittance using PYUSD is an option for Xoom’s US users. This builds on our goal of widespread mainstream adoption of cryptocurrencies while also providing a low-cost and convenient way to send funds to friends and family. At the same time, it is also a low-cost option to send funds to family and friends conveniently.

The stablecoin market appears to be heating up.

While Tether’s USDT and Circle-backed USDC remain the world’s top stablecoins, a number of alternatives have sprung up to compete for market share.

Blockchain company Ripple has also announced plans to launch a U.S. dollar-pegged stablecoin, expected to launch later this year.

Embracing PayPal’s Stablecoin

PayPal partnered with Paxos to launch the U.S. dollar-backed stablecoin PYUSD on the Ethereum blockchain in August 2023.

At the time, the fintech said its main goal was to remove the friction of first-time payments in virtual environments by allowing cost-effective and cheaper transfers of value, sending remittances or making international payments.

Cryptocurrency industry luminaries welcomed the “bold” move amid regulatory uncertainty in the United States.

Several prominent cryptocurrency exchanges such as Huobi, Kraken, Crypto.com, and Coinbase announced the listing of PYUSD in the same month. The stablecoin is also launched on Venmo.

Subsequently, Crypto.com announced a partnership with PayPal to become the preferred exchange for PYUSD.

In November, PayPal acknowledged receiving a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its stablecoin.

The above is the detailed content of PayPal supports converting PYUSD to USD for international money transfers. For more information, please follow other related articles on the PHP Chinese website!