Ripple has also announced a new U.S. dollar-pegged stablecoin. <\/p>\n
The stablecoin wars are heating up after PayPal announced today<\/a> that it will enable PYUSD for U.S. customers sending money across borders.<\/p>\n PayPal\u2019s cross-border money transfer service Xoom will allow U.S. based customers to convert USD into the firm\u2019s stablecoin, PYUSD, and send to residents in 160 countries.<\/p>\n According to today\u2019s press release, there will be no transaction fees associated with sending the funds<\/p>\n “Enabling U.S. users of Xoom the option to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencies while also offering an easy way to securely send money to friends and family at a lower cost,\u201d said Jose Fernandez da Ponte, who leads PayPal\u2019s blockchain team.<\/p>\n <\/p>\n Bidding to capture a growing stablecoin market, and position itself as a TradFi player that operates in DeFi, PayPal launched<\/a> its stablecoin, PYUSD, in August, 2023. After growing<\/a> to a high of $290 million in market capitalization in January, it has fallen to a market cap of $190 million, sitting in 12th place on Coingecko\u2019s stablecoin category.<\/p>\n PayPal\u2019s move comes as Ripple joins the stablecoin use-case.<\/p>\n The company behind XRP announced today<\/a> a new U.S. pegged stablecoin on the XRP Ledger and Ethereum blockchain. According to the firm, the new stablecoin will be 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents.<\/p>\n \u201cA high-quality USD stablecoin on the XRPL \u2013 with its decentralized exchange and features like issued currencies, auto-bridging (that uses XRP as the native currency to facilitate trades between other assets), and the AMM \u2014 will be a gamechanger for users and devs,\u201d wrote<\/a> Ripple\u2019s CTO, David Schwartz today on X.<\/p>\n Ripple and PayPal are also joined by Ethena Labs\u2019 controversial<\/a> USDe, which has soared to a $1.3 billion market cap in less than two months since launching on Feb. 21.<\/p>\n Dethroning the top stablecoins will not be an easy feat, however.<\/p>\n <\/p>\n Start for free<\/a><\/div>\n <\/p>\n The top two stablecoins, USDT and USDC<\/a>, control<\/a> more than 90% of the $154 billion sector\u2019s market cap, as per data from Coingecko<\/a>, both showing no signs of giving up market share any time soon. The two heavy-weights\u2019 market caps have actually increased versus their smaller competitors this year.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Ripple has also announced a new U.S. dollar-pegged stablecoin. The stablecoin wars are heating up after PayPal announced today that it will enable PYUSD for U.S. customers sending money across borders. PayPal\u2019s cross-border money transfer service Xoom will allow U.S. based customers to convert USD into the firm\u2019s stablecoin, PYUSD, and send to residents in […]<\/p>\n","protected":false},"author":2,"featured_media":277540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-277539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=277539"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277539\/revisions"}],"predecessor-version":[{"id":277547,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277539\/revisions\/277547"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/277540"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=277539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=277539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=277539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ripple Joins Race<\/h2>\n
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