Major U.S. payments firm recently announced plans to enable "disbursement partners" to use the PYUSD stablecoin to settle cross-border money transfers with the company's Xoom service. According to a press release, "Cebuana Lhuillier and Yellow Card will be the first Xoom disbursement partners to use PYUSD to settle cross-border money transfers, allowing them to leverage the cost and speed advantages of blockchain technology." The press release states the integrations "will help drive financial inclusion by providing more widespread access to digital financial solutions across Asia-Pacific and Africa."
In more stablecoin news, Sky (formerly Maker), a decentralized finance (DeFi) lending and borrowing protocol, has reportedly deployed its USDS stablecoin on the Solana blockchain network. According to reports, USDS is a rebrand of DAI, an algorithmic overcollateralized stablecoin.
In a final stablecoin development, Quantoz, a Netherlands-based payments company, recently announced that it intends to issue two stablecoins, EURQ and USDQ, which will be pegged to, respectively, the euro and the U.S. dollar. According to a press release, the EURQ and USDQ stablecoins will be issued on the Ethereum blockchain, are designed to be "MiCAR compliant" and will be listed by two major global cryptocurrency exchanges.
For more information, please refer to the following links:
- [] To Bring Speed and Reduced Costs to Cross-Border Payments with Xoom
- Sky, formerly Maker, launches USDS stablecoin on Solana
- Quantoz Payments Issues Euro and US Dollar Stablecoins; Receives Backing from Major Crypto-Asset Firms
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