Payment company PayPal announced the launch of cross-border payments and transfers service Xoom.
The service is available to clients from the USA. They will be able to send money to recipients in approximately 160 countries using the company's stablecoin PYUSD.
“This new option allows Xoom users in the US to send money to friends and family abroad without incurring transaction fees,” it said.
The company also cited a World Bank report, according to which the average cost of transferring $200 around the world is just over 6%. At the same time, PayPal is looking to expand the use of its stablecoin.
PayPal launched the PYUSD stablecoin in August 2023. At the time of writing the news, the asset ranks 12th in the CoinGecko rating with a capitalization of $189.79 million. The leaders in the segment are USDT and USDC.
