• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

PayPal and Xoom Enhance Cross-Border Payments with PYUSD

user avatar

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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bitcoin Halving Cycle Indicates Bottoming Phase

chest

Crypto Rover shares a Bitcoin halving cycle chart suggesting BTC is in a bottoming phase, similar to previous cycles.

user avatarAisha Farooq

Market Anticipation for Bitcoin Surge

chest

Experts predict a significant return of retail investors to Bitcoin as institutional buying increases. Many believe that once institutions finish loading up on Bitcoin and start pushing the price, retail investors will return to the market, especially if a sudden price surge occurs.

user avatarTenzin Dorje

Analysts Predict 69% Chance Bitcoin Hits $50,000 Before $100,000

chest

Analysts predict a 69% chance that Bitcoin will reach $50,000 before hitting $100,000.

user avatarBayarjavkhlan Ganbaatar

Coinbase Introduces High Yield DeFi Vault for Users

chest

Coinbase has launched the Steakhouse Financial High Yield USDC Vault, enabling users to earn enhanced savings rates through a new DeFi product.

user avatarMohamed Farouk

Anthropic Disputes Government's Evidence for AI Model Shutdown

chest

Anthropic disputes the government's evidence for the shutdown of its AI models, claiming the reported vulnerabilities do not warrant such drastic measures.

user avatarDiego Alvarez

Market Reacts to Anthropic's AI Model Suspension

chest

The recent directive from the US government to suspend access to Anthropic's AI models has triggered notable market reactions, especially in pre-IPO linked trading.

user avatarElias Mukuru

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.