Xoom enables overseas transfers to 160 countries via PayPal stablecoin

In its latest announcement, the company highlighted that users can transfer money internationally using PYUSD without incurring any transaction fees from Xoom. The service supports various payment methods, including direct transfers to bank accounts, mobile wallets, or local financial institutions where recipients can collect the money.

Transactions involving currency conversions will include a spread. Due to state-specific regulations on cryptocurrency holdings, the service is available to all U.S. users except those in Hawaii.

Paxos Trust Company, based in New York, oversees the issuance and management of PYUSD. Since its debut in August, the service has seen nearly $200 million in PYUSD issued. On the same day, Ripple announced its intention to enter the stablecoin arena with a U.S. dollar-backed offering, aiming to compete in the $150 billion market.