Payoneer announced the imminent launch of its own PAYO-USD stablecoin, which will be a key element in the company's strategy of digitalizing international payments. The new digital currency is expected to be fully backed by the U.S. dollar and integrated into Payoneer's core services, including freelancer payments and cross-border B2B transfers.

PAYO-USD will allow customers to conduct transactions almost instantly and without traditional bank delays, which is especially important for freelancers and small companies working with foreign partners. According to preliminary estimates, the introduction of stablecoin could reduce the average international transfer time from 1-3 days to a few minutes, as well as reduce fees to 0.5% compared to traditional bank rates, which can be as high as 3%.

Payoneer also said it has completed its transition to digital bank status in the U.S., which will provide additional protection for customer funds and expand opportunities to integrate innovative financial instruments, including PAYO-USD. The company notes that the launch of the stablecoin will create new standards of transparency and transaction traceability through the use of blockchain technology.

In the coming months, Payoneer plans a phased rollout of PAYO-USD to all users of the platform, starting with pilot markets in Europe and Asia. The company expects the transition to digital currency to attract new customers and increase competitiveness in the global financial market.