Main points
- PayPal partners with Xoom Integrate PayPal USD ($PYUSD) for cross-border payments.
- Partnerships with Cebuana Lhuillier, Yellow Card, Anchorage Digital and MoonPay Expanding the $PYUSD ecosystem.
- Since getting into cryptocurrencies in 2020, PayPal continues to expand its product rangeincluding adopting $PYUSD for merchants.
On Tuesday, PayPal announced Partner with Xoom to integrate PayPal USD ($PYUSD) Incorporate stablecoins into cross-border payment systems.
this partnership Aiming to expand the accessibility of $PYUSD in Asian and African markets, Enable international transactions beyond traditional banking No country time zone restrictions.
PayPal highlighted Xoom’s partnership with Cebuana Lhuillier and Yellow Card to manage $PYUSD payouts. Chris Maurice, CEO of Yellow Card Highlight that stablecoins like $PYUSD are revolutionizing payment systems.
PayPal USD ($PYUSD) – What is it?
$PYUSD launches in 2023 Backed 1:1 USD Issued by Paxos Trust Company, a regulated crypto asset custodian in the United States.
As an ERC-20 token compatible with Ethereum, $PYUSD is the only stablecoin integrated into the PayPal payment system.
PayPal says $PYUSD is intended for use by developerswallets, Web3 applications, and cryptocurrency exchanges.
$PYUSD integration expected to play a big role
PayPal has implemented several initiatives to increase $PYUSD adoption. It has partnered with Anchorage Digital to offer a rewards program for customers holding PayPal USD on its platform.
In May, PayPal partnered with Crypto.com and Phantom to extend $PYUSD to the Solana blockchain, Designed to attract users to join the network.
It also partners with Web3 infrastructure provider MoonPay Facilitate cryptocurrency purchases via PayPal account. The integration includes the launch of the Polymarket crypto betting platform in July.
This allows US users to buy and sell more than 100 cryptocurrencies via PayPal, bank transfer or debit card. This further solidifies the company’s position in the cryptocurrency industry.
Despite these efforts, $PYUSD lags behind $USDT and $USDCaccording to data, their market values ​​are approximately $128B and $37B respectively. Coin Gecko.
PayPal and Cryptocurrency – A Wonderful Journey
PayPal entered the cryptocurrency market in October 2020, allowing users to buy, sell, and stores digital assets such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash directly on its platform. This move during the Covid-19 bull run provides millions of users with the opportunity to acquire digital assets.
In August 2023, during the cryptocurrency bear market, PayPal launched the stablecoin PayPal USD ($PYUSD), marking an important step in its cryptocurrency strategy.
PayPal enables U.S. merchants to buy, hold and sell cryptocurrencies directly from their businesses by September 2024 Accounts to meet growing demand for crypto resources among entrepreneurs.
The next month, October 2024, PayPal performs first commercial payment using $PYUSD. The transaction, conducted through SAP’s digital currency platform with Ernst & Young, demonstrates the practical application of stablecoins in corporate operations.
$PYUSD Grows to Higher Levels?
PayPal partners with Xoom to integrate $PYUSD into cross-border payments system Aims to increase adoption in Asia and Africa.
If we add the Anchorage Digital and MoonPay partnerships at the same time as Solana expands, $PYUSD Looks Poised to Take Over the Stablecoin Industry soon.
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