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ARTICLE · 27 NOVEMBER 2024

Stablecoin Initiatives Announced By Fintech Companies, DeFi Protocols

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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.

United StatesTechnology
Robert A. Musiala Jr.
Robert A. Musiala Jr.
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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.

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