PayPal and Xoom Enhance Cross-Border Payments with PYUSD

by Giorgi Kostiuk

2 years ago

PayPal announced its partnership with Xoom to enhance cross-border payment functionalities using the stablecoin PayPal USD (PYUSD).

Xoom Partnership

In an announcement on November 19th, PayPal stated that the collaboration with Xoom aims to expand PYUSD's reach in Asia and Africa and ensure faster transaction settlements beyond traditional banking hours. Stablecoins play a significant role in cross-border transactions, especially in Asia and Africa, where locals rely on them to store and move money.

Expanding PYUSD Usage

Through partnerships with Cebuana Lhuillier and Yellow Card, PayPal plans to implement PYUSD for cross-border payments in Africa and Asia. Yellow Card’s CEO, Chris Maurice, believes that stablecoins like PYUSD have the potential to transform global finance. PayPal officials state that this integration will help improve financial inclusion.

We’re proud to team up with PayPal and Xoom to bring faster, cost-effective cross-border money transfers using PayPal USD (PYUSD).None

Growth and Future of the Stablecoin

This move is part of PayPal's effort to expand its PYUSD stablecoin usage, launched in 2023. Despite being newer than older stablecoins, PYUSD already boasts a higher market cap than FRAX and EURC and is currently ranked the sixth-highest stablecoin by market cap. As part of its expansion plans, PayPal has launched PYUSD on Solana in partnership with Crypto.com, Paxos, and Phantom. Additional initiatives include a rewards program with Anchorage Digital, incentivizing users to hold PYUSD.

The collaboration with Xoom and further expanding PYUSD usage in Africa and Asia strengthens PayPal's position in markets underserved by traditional financial services.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Bitcoin Red Team Established to Tackle AI-Driven Security Threats

The Bitcoin Red Team has been established to proactively identify AI-assisted security vulnerabilities in the Bitcoin ecosystem.

Tando Nkube9 hours ago

TON Validators Prepare for Configuration Vote on New Collator Architecture

TON validators are updating their node software and mytonctrl tooling for a configuration vote on a new collator architecture scheduled for August 21 at 0800 UTC.

Kofi Adjeman15 hours ago

Aave's EMode: Efficiency and Risk in DeFi Lending

Aave's EMode feature allows for efficient borrowing among correlated assets but also increases the risk of liquidation during market stress.

Satoshi Nakamura16 hours ago

Avalanche Surpasses $3 Billion in Tokenized Real-World Assets

Avalanche's tokenized real-world asset value has surpassed $3 billion, marking a significant milestone in its development as a platform for institutional finance.

Nguyen Van Long16 hours ago

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.