PayPal's Xoom service now allows transfers from the PayPal stablecoin, PYUSD, to U.S. dollars for sending money abroad. Users can conveniently send remittances to 160 countries using different methods such as bank transfers, mobile wallets, or in-person pick-ups. When converting from USD, fees are applied to the service due to state-specific cryptocurrency regulations except for those in Hawaii. The issuance and management of PYUSD are overseen by Paxos Trust Company in New York, with nearly $200 million in PYUSD already issued. Ripple also announced plans to launch a U.S. dollar-backed stablecoin, aiming to compete in the growing cryptocurrency market.