MANILA, Philippines — Providing freelancers and remitters a faster and more convenient option to settle payments and send money overseas, the Philippine Digital Asset Exchange (PDAX) announced its access to PayPal’s PYUSD stablecoin.
Stablecoins are designed to maintain a stable value relative to a reference asset, which, in PYUSD’s case, is pegged to the US Dollar. For every 1 PYUSD, a user can redeem US$ 1 from PayPal. Thus, stablecoins provide the benefits of cryptocurrencies, such as fast and secure transactions, while minimizing price volatility commonly associated with other digital assets.
PDAX head of consumer Lance Pormarejo said PayPal’s initiatives, especially in making remittance services easy for Filipinos working and living abroad, as well as the growing freelancers is a game-changer.
“This is a game changer for most industries where Filipinos earn in US Dollars. PYUSD challenges how money is sent cross-border. This cryptocurrency streamlines the process for Filipino freelancers and overseas Filipino workers (OFWs) to swiftly transfer their hard-earned income to their recipients’ PDAX digital wallets, all while enjoying reduced conversion costs and transaction fees,” said Pormarejo.
“PDAX is honored to be one of the first exchanges in the world to offer PYUSD. At PDAX, our mission has always been to be at the forefront of cryptocurrency adoption and to expand the range of digital currency choices for Filipinos,” he added.
Under the service, US-based Paypal users can convert their US Dollars to PYUSD, which can then be transferred to the PDAX wallet of their recipients and effortlessly exchanged for Philippine pesos.
On the other side of the coin, PYUSD can also be used to send money from the Philippines to the United States.
PDAX believes this opens up other use cases, giving Filipinos access to over 30 million vendors in the PayPal ecosystem.
In addition, PYUSD will also be seamlessly connected to Venmo and Xoom, which are under the Paypal umbrella, and it seems like this is only the beginning for the stablecoin.