Odaily News PayPal CEO Alex Chriss said in a conference call with analysts that using the company's own stablecoin PYUSD for cross-border payments is one of the areas where "we believe there are attractive economic benefits and market upside." Earlier this month, PayPal announced that its cross-border remittance service Xoom will allow customers to send PYUSD with zero fees. Despite becoming the first major financial services company to launch its own stablecoin in August last year, PayPal did not list cryptocurrency-related earnings in its Q1 financial report. According to Coingecko data, PYUSD currently has a market value of more than $327 million, making it the 11th largest stablecoin by market value. Since the announcement of Xoom's fee exemption, PYUSD's market value has increased by more than 70%, far exceeding the growth rate of similar stablecoins. Analysts say that one of the reasons why PYUSD is rarely mentioned in the financial report may be the uncertainty of the US regulatory environment. "Regulators want to follow the example of market participants. They don't want to attract attention to others," said Boaz Sobrado, a fintech analyst at Capital.com. Despite the growth in PYUSD's market value, the lack of support for low-fee blockchains means that large-scale organic adoption has not yet occurred in the remittance field. Chriss took over as CEO last September and has not spoken publicly about cryptocurrencies before, but he is quite optimistic. PayPal also announced in January that it had invested $5 million PYUSD in the crypto startup Mesh. The company expects diluted earnings per share to be approximately $3.65 for the remainder of 2024, down from $3.84 last year. PayPal shares were essentially flat on Tuesday, but have risen more than 10% so far this year. "2024 is still a transition year, and we will focus on execution - driving our key strategic initiatives, achieving cost savings, and reinvesting appropriately to enable the company to achieve sustained, high-quality earnings growth," Chriss said in a statement accompanying the earnings report. (Fortune) Yesterday, according to PayPal's first quarter results for fiscal 2024, its net income for the first quarter of fiscal 2024 reached $7.7 billion, a year-on-year increase of 9%. In addition, GAAP EPS increased 18% to $0.831 in the first quarter of fiscal 2024, and non-GAAP EPS increased 27% to $1.08 (based on the new non-GAAP method, it was $0.85 in the first quarter of fiscal 2023). Total payment volume increased 14% to $403.9 billion in the first quarter. Payment transaction volume increased 11% to 6.5 billion. As of March 31, 2024, the company had total cash, cash equivalents, and investments of $17.7 billion and total debt of $11 billion.