02:40 PM EDT, 04/04/2024 (MT Newswires) -- PayPal Holdings ( PYPL ) said Thursday that its cross-border money transfer service Xoom will now support sending payments through the company's U.S. dollar-denominated stablecoin PayPal USD.

PayPal ( PYPL ), which introduced the stablecoin in August last year, said Xoom users will be able to send US dollars converted from PYUSD to recipients in approximately 160 countries globally.

"Enabling U.S. users of Xoom the option to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencies while also offering an easy way to securely send money to friends and family at a lower cost," Jose Fernandez da Ponte, senior vice president of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal ( PYPL ), said in a statement.

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