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PayPal is introducing a new service that lets U.S. clients transfer money across borders using its PYUSD stablecoin.U.S.
Users of PayPal’s international payments service, Xoom, can convert PYUSD to USD and send money to recipients in around 160 countries without incurring transaction fees.
PayPal, based in Silicon Valley, is aiming to expand the use of its PYUSD stablecoin by offering a new service for U.S. clients. Starting Thursday, U.S. customers can use the company’s PYUSD stablecoin for international money transfers through its cross-border payments service, Xoom. 
Customers can convert PYUSD to USD and send money to recipients in approximately 160 countries without transaction fees, according to PayPal.
The company is optimistic about the market’s acceptance of cost-effective international money transfer methods. In its statement, it referenced a World Bank report showing the global average cost of sending $200 is over 6%.
PayPal is working to increase the use of its stablecoin, launched last year, and position itself as a trusted entity in digital assets. When launching the stablecoin, PayPal highlighted the growing shift towards cryptocurrencies.
“Allowing U.S. Xoom users to fund cross-border money transfers using PYUSD aligns with our goal of mainstreaming cryptocurrencies,” stated Jose Fernandez da Ponte, PayPal’s SVP of blockchain, cryptocurrency, and digital currency group.
Stablecoin Market Gaining Momentum
PayPal’s announcement coincides with a potential surge in the stablecoin market. On Thursday, Ripple revealed the launch of a stablecoin targeted at enterprise clients. Ripple’s statement projected the stablecoin market could reach $2.8 trillion by 2028.
According to data, Tether’s USDT and Circle’s USDC stablecoins currently lead the market in terms of supply. The amount of Tether has increased in tandem with the rise of bitcoin and the overall cryptocurrency market this year.
This growth has been influenced by significant events such as the introduction of spot bitcoin ETFs in the U.S.
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