PayPal: Stablecoin PYUSD now convertible for bank transfers

It is now possible to convert stablecoin PYUSD into U.S. dollars for international transfers through PayPal. The transfers are processed through PayPal's Xoom subsidiary.

The option is enabled for transfers to family and friends and initially only in the US. There are no transaction fees. PayPal launched the stablecoin PYUSD, which is pegged to the U.S. dollar, last August.

However, demand so far has been rather meager. Of the largest stablecoins based on market capitalization, PayPal Coin ranks 12th.