PayPal Partners with Xoom to Expand PYUSD Use

PayPal is significantly expanding the use of its stablecoin, PayPal USD (PYUSD), through a partnership with Xoom, aimed at revolutionizing cross-border payments. This collaboration will allow disbursement partners, including Cebuana Lhuillier in the Philippines and Yellow Card in Africa, to utilize PYUSD for international money transfers, enhancing financial inclusion in these regions. The initiative leverages blockchain technology to improve transaction efficiency and speed, particularly benefiting areas with limited access to traditional banking services. PYUSD is fully backed by U.S. dollar reserves and is designed to minimize volatility compared to other cryptocurrencies. The integration of PYUSD into Xoom's services represents a strategic move by PayPal to compete with existing stablecoins and expand its global payment footprint. Overall, this initiative marks a significant step in facilitating quicker and more cost-effective remittances for users worldwide.