PayPal Revolutionizes International Money Transfers with No-Fee Feature Using PYUSD Stablecoin
In a groundbreaking move, PayPal has announced a new feature that allows its US customers to make international money transfers without incurring any transaction fees. This innovative service utilizes the PayPal USD (PYUSD) stablecoin as a funding source and is integrated into PayPal’s platform for international transfers, Xoom.
Users now have the option to convert their PYUSD from their PayPal Cryptocurrency Hub into USD, which can then be used to send money to 160 countries without any Xoom service fees. The recipients will receive the funds in the fiat currency selected by the sender, providing a seamless and cost-effective way to transfer money globally.
The flexibility of this service allows funds to be sent directly to a recipient’s bank account, mobile wallet, or a local financial institution for pick-up, catering to the diverse needs of users. However, residents of Hawaii are excluded from using this feature due to state crypto regulations.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currency, lauded this new feature as a significant step towards mainstream adoption of cryptocurrencies. He emphasized the importance of offering a secure and affordable way to send money internationally, highlighting the benefits of using PYUSD for cross-border transfers.
This initiative not only expands the utility of cryptocurrencies in everyday transactions but also meets the growing demand for economical, secure, and convenient international payment methods. With the increasing popularity of digital currencies, PayPal’s move to introduce a no-fee international transfer feature using PYUSD stablecoin is set to revolutionize the way people send money across borders.
In 2023, the PYUSD stablecoin came under scrutiny from the SEC, with PayPal receiving a subpoena for documentation. Despite regulatory challenges, PayPal remains committed to driving mainstream adoption of cryptocurrencies and providing innovative solutions for global payments.
