At the beginning of 2022, PayPal announced the launch of its own stablecoin called PYUSD, which is pegged to the US dollar.
Yesterday, the company also announced that its American clients would be able to use this stablecoin for international payments. This can be done through the Xoom service, which converts tokens into US dollars and allows for easy transfer to 160 countries worldwide without transaction fees.
Despite PayPal’s efforts to promote PYUSD, it still has not gained widespread adoption, with Tether (USDT) and USD Coin (USDC) holding the majority of the stablecoin market.
USDT is primarily used in Asian markets, while USDC is more popular among American and Canadian investors.
