Coins.ph and Paxos simplify money transfers with PayPal USD stablecoin PYUSD

Philippine cryptocurrency exchange Coins.ph has partnered with New York-based blockchain infrastructure platform Paxos Trust Company to facilitate more efficient cross-border remittances using PayPal USD (PYUSD). With PYUSD now available on Coins.ph, the partnership aims to provide more convenient fund transfers for Filipinos, particularly those receiving money from overseas.

PYUSD is a stablecoin pegged to the US dollar at a 1:1 ratio, utilizing blockchain technology to provide reliability and speed in transactions. To use PYUSD, the sender transfers the stablecoin to the recipient's Coins.ph wallet. The recipient can then convert PYUSD to Philippine pesos (PHP) and withdraw funds through various channels, including bank transfers and over-the-counter remittance centers.