PayPal Partners with Xoom for Global Stablecoin Payments
The move is part of PayPal’s effort to expand the use of its PYUSD stablecoin.
PayPal said it has partnered with Xoom to improve cross-border payment functionalities using its stablecoin, PayPal USD (PYUSD). The payment giant noted in an announcement shared on November 19th that the move will help improve PYUSD’s reach in Asia and Africa.
And will also ensure faster settlement of transactions beyond traditional banking hours.
PayPal Expands PYUSD for Cross-Border Payments
Stablecoins play a huge role in cross-border transactions, especially in Asia and Africa, where locals rely on stablecoins to store and move money. Through partnerships with payment providers Cebuana Lhuillier and Yellow Card, PayPal plans to implement the use of PYUSD for cross-border payments in Africa and Asia.
Yellow Card’s CEO, Chris Maurice, believes stablecoins like PYUSD have huge potential to change global finance. Officials at PayPal state that this integration will help improve financial inclusion.
Big News 🎉
We’re proud to team up with @PayPal and @Xoom to bring faster, cost-effective cross-border money transfers using PayPal USD (PYUSD)! [🧵 1/3] pic.twitter.com/9RcQH3m8Kg
— Yellow Card App (@yellowcard_app) November 19, 2024
In addition, the integration will enable PayPal to send funds to their African recipients. Interestingly, these transactions would have options to either deposit funds in mobile money accounts or local bank accounts.
A Growing Expansion Plan
The move is part of PayPal’s effort to expand the use of its PYUSD stablecoin. The payment provider launched the stablecoin in 2023. Despite being newer than older stablecoins, PYUSD already boasts a higher market cap than FRAX and EURC. And is currently the sixth-highest stablecoin by market cap.
Source: CoinMarketCap
As part of its expansion plans, PayPal already launched PYUSD on Solana, in partnership with Crypto.com, Paxos, and Phantom. Additional initiatives include a rewards program in partnership with Anchorage Digital, incentivizing users to hold PYUSD within its ecosystem.
Despite its growing reach, PYUSD competes with market leaders like USDT and USDC, which dominate with significantly higher adoption and liquidity. However, PayPal’s focus on emerging markets and partnerships with regional payment providers give PYUSD a unique edge in areas underserved by traditional financial services.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ChatGPT’s head of product to testify in the DOJ’s antitrust case against Google
Share link:In this post: ChatGPT’s head of product, Nick Turley, has been added as a witness for the United States Department of Justice (DOJ) in its antitrust case against Google. Nick Turley is the latest addition to the witness list that features representatives from Perplexity and Microsoft. Google ramps up preparation for Turley’s testimony by asking for documents related to the hearing from OpenAI through a subpoena.
SEC charges New York blockchain engineer over GME rug pull fraud
Share link:In this post: Eric Zhu settled SEC fraud claims for orchestrating a rug pull scheme involving Game Coin. Zhu allegedly misappropriated $553K by moving unlocked liquidity provider tokens to his control. The case marks one of SEC Chair Gary Gensler’s final enforcement actions.
Analyst Points to the Next Target on the Horizon After the Surge in Bitcoin: “If This Place Is Breached, The Next Stop Could Be 128 Thousand Dollars”
A crypto analyst has spoken about the next target for Bitcoin’s price after its recent rally. Here are the details.
Trending news
MoreCrypto prices
More
