As a researcher with a background in financial technology and digital currencies, I have witnessed the rapid evolution of the stablecoin market since its inception. While giants like Tether (USDT) and USD Coin (USDC) have dominated the scene, it’s refreshing to see a new player like PYUSD making strides towards becoming a contender.
Ever since its debut, PYUSD has encountered tough rivals in established stablecoins such as Tether (USDT) and USD Coin (USDC). These two giants hold the majority of the market share with much larger market capitalizations than PYUSD’s current $519 million. This figure appears minuscule when compared to Tether’s impressive $128 billion and USDC’s $37 billion.
To improve the situation, PayPal’s Xoom is partnering with Cebuana Lhuillier, a financial services provider in the Philippines, and Yellow Card, a fintech company in Africa. Together, they will process payments using PYUSD for quicker and more affordable remittance services. This collaboration aims to meet the financial requirements of underserved populations by providing faster and cost-effective solutions for money transfers.
Cebuana Lhuillier boasts a network of 3,500 branches and 25,000 partner locations within the Philippines, with the goal of leveraging these partnerships to strengthen its commitment to assisting Filipino communities globally.
Revolutionizing Cross-Border Transfers
As a financial analyst, I’ve been examining the digital currency known as PYUSD, a stablecoin introduced by Paxos Trust Company in 2023. It is pegged 1:1 to the US dollar and designed for seamless integration into Web3 applications, digital wallets, and crypto exchanges, thanks to its ERC-20 token compatibility with Ethereum. Despite PayPal’s substantial brand recognition and market share, PYUSD hasn’t managed to resonate with crypto enthusiasts so far.
By partnering with Xoom at PayPal, PYUSD can now effortlessly handle international money transfers using blockchain technology, which operates independently from traditional banking schedules. This method is particularly beneficial for remittances, as it significantly impacts the economies of numerous developing countries.
In May 2024, PayPal significantly cut costs by transferring its PYUSD stablecoin to the Solana blockchain due to high Ethereum transaction fees. This move aimed to make cryptocurrency more accessible for both consumers and businesses, as it made PYUSD more suitable for everyday transactions. Additionally, this shift allowed for direct on-chain transfers to external wallets and introduced crypto trading opportunities for American retailers, empowering them to buy, sell, and hold bitcoins.
In an intentional move, PYUSD was additionally made available on Bitget, a prominent digital currency trading platform. This listing underscored its commitment to regulatory compliance, as evidenced by the BitLicenses it holds from the New York State Department of Financial Services.
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2024-11-21 13:26