PayPal announces the possibility of making international transfers with its stable currency PYUSD

Payments giant PayPal announced Thursday that U.S. customers with access to the PYUSD stablecoin can now use it to make international payments.

PYUSD: US customers can use the PYUSD stablecoin for international transfers

Last August, PayPal, the payments giant, launched its digital stablecoin PYUSD. Since then, PYUSD has become one of the most important stablecoins in the cryptocurrency ecosystem. It also ranks 12th in its category, with capital of $190 million.

PayPal announced on Thursday that its US customers can now use the stablecoin PYUSD to make international payments. This new feature is powered by Xoom, a cross-border transfer service from the payments giant that supports 160 countries.

👈Read more: PYUSD: What should you know about it?

Commenting on the new feature, Jose Fernandez da Ponte, Senior Vice President of the Blockchain Group at PayPal, said:

“Allowing US Xoom users to fund cross-border money transfers with PYUSD achieves our goal of driving widespread adoption of cryptocurrencies while providing an easy way to securely send money to our friends and to our family at a lower cost."

👈Read more: Stablecoins you should know about

If this announcement reaffirms PayPal's interest in blockchain technologies, it is appropriate to take a step back. By nature, the main goal of a stablecoin built on a public blockchain network like Ethereum (ETH) should be to be able to operate internationally, as the network itself has no borders. This is indeed the case for PYUSD when used in a decentralized manner.

Therefore, PayPal mainly focuses on creating simplified user interfaces for cryptocurrencies. By implementing more features in its own ecosystem. Although these new products have been timidly exported to different countries over the years, they are nevertheless mainly focused on the United States for the moment.