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.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

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.

Other news

Trump Calls for Passage of Clarity Act to Boost U.S. Crypto Market

chest

President Trump called for Congress to pass the Clarity Act to establish federal rules for digital assets and maintain U.S. leadership in the crypto market.

user avatarDavid Robinson

GTA 6 Gameplay Leaks Cause Stock Decline for Take Two

chest

This week, the highly anticipated release of GTA 6 from Rockstar Games and Take Two Interactive has been marred by several gameplay leaks, causing Take Two's stock to decline over 15%.

user avatarAndrew Smith

Coinbase Refocuses Base App Strategy After Initial Setbacks

chest

Coinbase shifts its strategy for the Base App, moving away from social features to focus on trading and AI tools.

user avatarJacob Williams

Coinbase Launches Leveraged Crypto Derivatives on Base App

chest

Coinbase launches leveraged crypto derivatives on the Base App, allowing users to trade perpetual futures with up to 50x leverage.

user avatarZainab Kamara

Palantir Technologies Reports Stellar Earnings and Revenue Growth

chest

Palantir Technologies has reported a 93% year-over-year revenue surge and a 225% increase in earnings, positioning itself as a leading AI solution.

user avatarSon Min-ho

US Tech Stocks Experience Significant Gains Driven by AI Boom

chest

The US tech stock market has seen substantial gains over the last year, driven by advancements in AI technology.

user avatarAyman Ben Youssef

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.