PayPal’s Xoom, the international payment service, has introduced a new feature that allows U.S.-based users to send money overseas using PayPal’s stablecoin, PYUSD. This option enables conversions from PYUSD to U.S. dollars, making it easier to send remittances to approximately 160 countries without incurring any fees from Xoom.

Users can transfer funds directly to bank accounts, mobile wallets, or pick-up locations abroad. However, please note that currency conversions from USD will include a markup. Eligible U.S. customers can now convert PayPal USD to USD to fund transfers on Xoom, PayPal’s cross-border money transfer service. This new option allows eligible U.S. Xoom users to send money to friends and family abroad with no Xoom transaction fees.

In its latest announcement, Ripple 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.

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