PayPal has introduced a new service in the United States, enabling its customers to conduct convenient cross-border money transfers using the PYUSD stablecoin, which the company launched in August 2023. Through the Xoom app, US citizens can swiftly convert their PYUSD into USD and send funds to over 160 countries worldwide. This service is free for US users and marks PayPal’s endeavor to promote mainstream cryptocurrency adoption. The move comes as the global trend leans towards increased utilization of stablecoins for international transactionsTransaction Exchange of value, property, or data between two parties., with projections suggesting they could dominate 73% of cross-border payments by 2028. In a bid to expand adoption for its PYUSD stablecoin, PayPal aims to capitalize on the growing integration of cryptocurrencies into international monetary systems. Despite its relatively short existence, PYUSD has garnered significant traction in the decentralized finance sector, ranking 13th in the DeFiLlama ranking with an estimated capitalization of $188 million. While PYUSD has demonstrated impressive growth and transactionTransaction Exchange of value, property, or data between two parties. volumes, it faces challenges related to centralization, with a significant portion of the coin’s supply concentrated among a few holders. Nevertheless, PayPal’s foray into cross-border payments using stablecoins signifies a notable step towards advancing the adoption of cryptocurrencies in mainstream finance. (Source: Cryptonomist)