PayPal USD (PYUSD), PayPal‘s USD stablecoin, will now be available on the Solana blockchain.
The news was announced at Consensus 2024, the long-running cryptocurrency, blockchain and web3 event. PYUSD availability on Solana will provide users with the choice of multiple blockchains allowing for increased flexibility and control. Furthermore, the announcement builds upon Solana’s reputation for processing massive amounts of transactions at high speeds with extremely low costs.
Sheraz Shere, GM of payments at the Solana Foundation
“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” said Sheraz Shere, GM of payments at the Solana Foundation. “Continued adoption from industry participants like PayPal helps realise the next generation of fintech innovation.”
As the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain to run tokenised transactions and is ideal for PYUSD as it continues to be used for payment use cases.
Increasing ease of use
Jose Fernandez da Ponte, senior vice president of the blockchain, cryptocurrency, and digital currency group, PayPal
“For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionising commerce by providing a trusted experience between consumers and merchants around the world. PayPal USD was created with the intent to revolutionise commerce again by providing a fast, easy, and inexpensive payment method for the next evolution of the digital economy,” said Jose Fernandez da Ponte, senior vice president of the blockchain, cryptocurrency, and digital currency group, PayPal.
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.”
The simplified experience of PayPal and Venmo wallets shows PYUSD as a unified balance regardless of the blockchain. This allows for increased ease of use and when transferring out to external wallets, users have the choice to send PYUSD on Ethereum or Solana. In addition to the PayPal and Venmo wallets, Crypto.com, Phantom and Paxos are three of the first places to buy PYUSD on Solana, enabling a seamless fiat-to-crypto experience for consumers and enterprises.
PayPal USD is issued by Paxos Trust Company, a fully chartered limited purpose trust company. Paxos and its products – including expansion to new blockchains – are subject to regulatory oversight by the New York State Department of Financial Services. Reserves for PayPal USD are fully backed by US dollar deposits, US Treasuries and similar cash equivalents. Additionally, PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.
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