World

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 <p>PayPal just rolled out a new service that allows users to fund their cross-border money transfers using PayPalUSD (PYUSD), the US dollar-pegged stablecoin that the online payments giant unveiled in August last year.</p>
 <p>In a new statement, PayPal says that US users of remittance provider Xoom can now convert the PYUSD in their PayPal account to US dollars and use this as a funding source to send money to friends and families in approximately 160 countries.</p>
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 <p>When a user selects the new funding option, Xoom will convert the PYUSD in the linked PayPal cryptocurrency hub to USD without a crypto sale fee. The recipient then receives the funds in the fiat currency that the sender selected.</p>
 <p>PayPal says Xoom will not charge transaction fees for stablecoin-funded money transfers but remittances received in currency other than the US dollar will be subject to exchange rate and conversion spread.</p>
 <p>PayPal and Xoom launched the new service as the global average cost of sending remittances remains high at 6.18%, according to a&nbsp;Q3 2023 report from the World Bank.</p>
 <p>Says Jose Fernandez da Ponte, senior vice president of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal.</p>
 <p><em>“Enabling US users of Xoom the option to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencies while also offering an easy way to securely send money to friends and family at a lower cost.”</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/online-payments-giant-paypal-enables-cross-border-stablecoin-funded-money-transfers-for-us-customers-tbt84594.html">https://thebittimes.com/online-payments-giant-paypal-enables-cross-border-stablecoin-funded-money-transfers-for-us-customers-tbt84594.html</a></p>

Online Payments Giant PayPal Enables Cross-Border, Stablecoin-Funded Money Transfers for US Customers

TheBitTimes

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