
PayPal’s subsidiary, Xoom, has begun leveraging its stablecoin, PayPal USD (PYUSD), to streamline cross-border payments, especially targeting efficiency improvements in Asian and African markets. Introduced in 2023, PYUSD is an Ethereum-compatible ERC-20 token backed 1:1 by US dollars and issued by Paxos Trust Company. This initiative allows PayPal to conduct transactions outside traditional banking hours, offering increased flexibility and accessibility