PayPal Adds Digital Dollar to Malawi and 26 Other African Countries
PayPal has introduced PayPal USD in Malawi and 26 other African countries. The stablecoin is already available in about 70 markets worldwide.
api.foxsports.comPayPal has introduced its digital dollar, PayPal USD, in Malawi and 26 other African countries. The stablecoin is already available in about 70 markets worldwide. The company said the digital dollar is designed to make international payments faster and less expensive. Malawian PayPal users can now buy, hold, send, and receive the currency through their accounts.
Background on the Currency PayPal USD is issued by Paxos Trust Company and backed by U.S. dollar deposits, U.S. government securities, and other cash-equivalent assets. One unit is generally worth one U.S. dollar. PayPal said it will not charge fees for buying or selling the currency with U.S. dollars or for transfers between PayPal accounts.
Manager of Crypto at PayPal, May Zabaneh, said the digital dollar was created to improve cross-border transactions and reduce delays and costs. Otto Williams, the PayPal executive responsible for the Middle East and Africa, said the system will help businesses and customers access better financial services and make trading between countries easier.
The company said many customers and businesses had requested more reliable and affordable ways to make international payments.
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