Silicon Valley-based payments giant PayPal is again looking to expand the use of its PYUSD stablecoin.

The company announced that starting Thursday, U.S. clients will be able to send international money transfers using the company's PYUSD stablecoin. Through its cross-border payments service, Xoom, U.S. customers can now convert PYUSD to USD and then send money to "recipients in approximately 160 countries" without being charged transaction fees, PayPal said in a statement.

PayPal appears confident the market will embrace more cost-effective ways to send international money transfers. In its statement, it cited a World Bank report that said the "global average cost of sending $200 is just over 6%."

The fintech company is also simultaneously trying to increase the use of its stablecoin,