PayPal has announced a significant initiative to enhance global financial access by expanding the reach of its stablecoin, PayPal USD (PYUSD), through a partnership with Xoom.
PayPal is expanding the reach of its stablecoin, PayPal USD (PYUSD), in partnership with Xoom to enhance global financial access.
This collaboration will enable disbursement partners, such as Cebuana Lhuillier and Yellow Card, to use PYUSD for settling cross-border money transfers, aiming to improve the efficiency of international transactions, especially in Asia and Africa.
Cebuana Lhuillier has a vast network in the Philippines, while Yellow Card is the first licensed stablecoin on/off ramp in Africa.
PYUSD, being an ERC-20 token, can be easily integrated with digital wallets, Web3 applications, and crypto exchanges.
PayPal has also introduced new integrations, such as a rewards program with Anchorage Digital and partnerships with MoonPay and Crypto.com, to facilitate the purchase of cryptocurrencies using PayPal accounts.
Moreover, PYUSD has been brought to the Solana blockchain to enhance transaction speed and reduce costs.
Despite facing competition from established stablecoins like USDC and USDT, PayPal is aiming to capture a larger market share with its vast network and technological innovations.
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