PayPal Enables PYUSD to USD Conversions for US Users
PayPal has announced that it will now allow all users in the United States, except for Hawaii, to use PayPal USD (PYUSD), its native stablecoin, to fund international money transfers in US dollars to family and friends.
This service, powered by PayPal’s Xoom platform, is available to over 160 countries and incurs no transaction fees.
When users select this option, PYUSD in their PayPal Cryptocurrency Hub will be converted to USD with no crypto sale fee, and the recipient will receive funds in their chosen fiat currency.
Through this service, funds can be sent to the recipient’s bank account, mobile wallet address, or a financial institution for pickup. If the transaction is not in US dollars, there will be a currency conversion fee.
All users in the US can access this service except for those in Hawaii, where holding cryptocurrencies with PayPal is prohibited by state law.
