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    PayPal Teams Up with Xoom to Expand Use of Its Digital Currency PYUSD for International Payments

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    PayPal is partnering with Xoom to use its digital currency, PayPal USD (PYUSD), for international payments. The initiative aims to increase access to PYUSD in Asia and Africa and allow PayPal to process payments beyond banking hours. Xoom will collaborate with organizations including Cebuana Lhuillier and Yellow Card. PYUSD, which has a value equivalent to the US dollar, was launched in 2023. Despite PayPal’s efforts to popularize PYUSD, it currently trails top stablecoins Tether and USDC in market value.

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    PayPal is teaming up with Xoom to allow its users to make international payments using its own digital currency, PayPal USD or PYUSD, the company announced on 19 November. This partnership aims to make PYUSD more accessible in Asian and African regions and to enable PayPal to process cross-border payments outside the typical banking hours.

    To carry out these payments, Xoom will be teaming up with organizations such as Cebuana Lhuillier and Yellow Card. The CEO of Yellow Card, Chris Maurice, expressed his excitement about this development, saying that stablecoins like PYUSD will revolutionize the way payments are conducted, and he’s pleased to provide technology that will help this transformation.

    What you need to know about PYUSD: It was launched in 2023 and it’s backed 1:1 by US dollars, meaning each token is equivalent to one US dollar. The coin has been issued by the Paxos Trust Company which is a US-regulated crypto custodian. PayPal has made efforts to increase the usage of PYUSD and has even worked with Anchorage Digital to start a rewards program for those who use the stablecoin.

    Earlier this year, PayPal also made PYUSD available on the Solana blockchain network by collaborating with companies like Crypto.com, Phantom and Paxos. PayPal also teamed up with MoonPay, a company that facilitates cryptocurrency transactions, to allow its users to buy crypto with their PayPal accounts, extending this to allow users to join the crypto betting platform Polymarket in July.

    However, despite its advancements, PYUSD still lags behind top stablecoins like Tether or USDT and USDC with their respective market values being around $128 billion and $37 billion according to CoinMarketCap.

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