On November 20, 2024, PayPal announced a partnership aimed at increasing access to its stablecoin, PYUSD, in Asian and African markets, facilitating cross-border transactions outside traditional banking hours.
Xoom is collaborating with Cebuana Lhuillier and Yellow Card for PYUSD disbursements. Chris Maurice, CEO of Yellow Card, highlighted that stablecoins like PYUSD are transforming the payments landscape by enabling efficient money transfers.
Launched in 2023, PYUSD is a regulated stablecoin backed 1:1 by US dollars, issued by Paxos Trust Company. It competes with other dollar-pegged stablecoins, including Tether (USDT) and USD Coin (USDC), which have market capitalizations of approximately $128 billion and $37 billion, respectively.
PayPal has been enhancing PYUSD's accessibility, including a rewards program for clients using Anchorage Digital to custody the stablecoin. In May, PYUSD was launched on the Solana blockchain, partnering with Crypto.com, Phantom, and Paxos.
Despite these advancements, PYUSD still lags significantly behind leading stablecoins in market presence.