Silicon Valley payments giant PayPal is enhancing the use of its PYUSD stablecoin, enabling U.S. clients to send international money transfers via Xoom without transaction fees. The move aligns with PayPal’s goal of providing more cost-effective options for cross-border transfers, citing a World Bank report highlighting the high costs of traditional methods.

Jose Fernandez da Ponte, PayPal’s SVP of blockchain, cryptocurrency, and digital currency group, emphasized the company’s commitment to driving mainstream adoption of cryptocurrencies through initiatives like PYUSD. This expansion comes amid a heating stablecoin market, with Ripple also launching a stablecoin for enterprise clients, projecting a $2.8 trillion market by 2028. Currently, Tether’s USDT and Circle’s USDC lead in stablecoin supply, according to The Block Data Dashboard.

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