PayPal has connected Xoom to enable users to make cross-border payments using the PayPal USD (PYUSD) stablecoin. The platform is aimed at the Asian and African markets, providing users with fast and convenient transfers, especially during the hours when traditional banks are closed.

The partnership with Cebuana Lhuillier and Yellow Card companies will strengthen PayPal's position in emerging markets. PYUSD is a 1:1 dollar-backed stablecoin compatible with Ethereum, which makes it convenient to use in Web3 applications and decentralized platforms.

This move demonstrates PayPal's desire to expand the use of stablecoins, making cryptocurrency payments available to a wider range of users.