Another major development on the financial battlefield is the online payment service PayPal taking all fees off internationally transferring cryptocurrencies via its stablecoin, PayPal USD, or PYUSD for short. In April 2024, PayPal announced that cross-border transactions via its Xoom service PayPal would not be charged when U.S. users transferred money to more than 160 countries - if they were using PYUSD for that transfer. This step leverages blockchain efficiencies to solve long-standing high costs associated with international remittances, costs that have made the transaction slightly financially burdensome for users in the past. Known to range from 5% to 10% cost per transaction, this is what it has been.
