PANews reported on November 19 that according to official news, payment giant PayPal announced that it will allow payment partners to use the stablecoin PayPal USD (PYUSD) to settle cross-border remittances through Xoom. Cebuana Lhuillier and Yellow Card will become the first payment partners to use PYUSD to settle cross-border remittances through Xoom, which will enable them to take advantage of the cost and speed of blockchain technology.

Xoom will use PYUSD to settle cross-border remittances from PayPal customers through Yellow Card’s stablecoin payment channel, which will help optimize cross-border transactions, making them faster and cheaper to process. In addition, Yellow Card’s payment capabilities will soon enable PayPal customers to send funds to friends and family in Africa, and the funds will be deposited into their local African bank accounts or mobile money accounts.