News
PayPal Integrates PYUSD Stablecoin with Solana Blockchain
PayPal has integrated its Paypal USD (PYUSD) stablecoin with the Solana blockchain, promising faster and cheaper transactions. This move aims to improve user flexibility by leveraging Solana’s ability to efficiently handle high-volume, low-cost transactions.
PayPal announced the availability of PYUSD on the Solana blockchain during the Consensus 2024 crypto event. Solana is renowned for its ability to process a large number of transactions quickly and at minimal cost, making it an ideal platform for stablecoin transfers. According to data from blockchain analytics platform Artemis, Solana is the leading blockchain for tokenized transactions, making it a perfect match for PYUSD payments.
Sheraz Shere, the general manager of payments at the Solana
Foundation, said: “The speed and scalability of the Solana network make it the ideal blockchain for accessible, convenient and instant new payment solutions. Continued adoption by industry players like PayPal helps enable the next generation of fintech innovation.”
The integration with Solana reportedly ensures that PYUSD maintains a unified balance in PayPal and Venmo wallets, regardless of the blockchain used. This feature aims to improve the user experience by offering the ability to transfer PYUSD via Ethereum or Solana. Crypto.com, Phantom, and Paxos are among the platforms that will facilitate the purchase of PYUSD on Solana.
Released by Paxos Trust Company
PayPal USD is issued by Paxos Trust Company, an entity regulated by the New York State Department of Financial Services. The stablecoin is fully backed by deposits in US dollars, US Treasuries and similar cash equivalents. Users can buy or sell PYUSD via PayPal and Venmo at a price of $1 per PYUSD.
Recently, BVNK, a payment infrastructure provider,
PYUSD integrated in its platform to improve payment options for businesses. This integration allows businesses to transact using the US dollar peg
stable currency . In addition to PYUSD, users can access 14 other popular digital currencies and 25 fiat currencies, broadening the spectrum of payment choices.
BVNK customers can also access various features, including creating PYUSD wallets, settling payments globally, and accepting consumer payments in PYUSD. Additionally, they can convert PYUSD to major fiat currencies such as EUR and GBP via BVNK’s API, hosted payment page or merchant portal, facilitating cross-border transactions.
PayPal has integrated its Paypal USD (PYUSD) stablecoin with the Solana blockchain, promising faster and cheaper transactions. This move aims to improve user flexibility by leveraging Solana’s ability to efficiently handle high-volume, low-cost transactions.
PayPal announced the availability of PYUSD on the Solana blockchain during the Consensus 2024 crypto event. Solana is renowned for its ability to process a large number of transactions quickly and at minimal cost, making it an ideal platform for stablecoin transfers. According to data from blockchain analytics platform Artemis, Solana is the leading blockchain for tokenized transactions, making it a perfect match for PYUSD payments.
Sheraz Shere, the general manager of payments at the Solana
Foundation, said: “The speed and scalability of the Solana network make it the ideal blockchain for accessible, convenient and instant new payment solutions. Continued adoption by industry players like PayPal helps enable the next generation of fintech innovation.”
The integration with Solana reportedly ensures that PYUSD maintains a unified balance in PayPal and Venmo wallets, regardless of the blockchain used. This feature aims to improve the user experience by offering the ability to transfer PYUSD via Ethereum or Solana. Crypto.com, Phantom, and Paxos are among the platforms that will facilitate the purchase of PYUSD on Solana.
Released by Paxos Trust Company
PayPal USD is issued by Paxos Trust Company, an entity regulated by the New York State Department of Financial Services. The stablecoin is fully backed by deposits in US dollars, US Treasuries and similar cash equivalents. Users can buy or sell PYUSD via PayPal and Venmo at a price of $1 per PYUSD.
Recently, BVNK, a payment infrastructure provider,
PYUSD integrated in its platform to improve payment options for businesses. This integration allows businesses to transact using the US dollar peg
stable currency . In addition to PYUSD, users can access 14 other popular digital currencies and 25 fiat currencies, broadening the spectrum of payment choices.
BVNK customers can also access various features, including creating PYUSD wallets, settling payments globally, and accepting consumer payments in PYUSD. Additionally, they can convert PYUSD to major fiat currencies such as EUR and GBP via BVNK’s API, hosted payment page or merchant portal, facilitating cross-border transactions.