News
PayPal Stablecoin (PYUSD) made available on Solana Blockchain
PayPal USD (PYUSD), PayPalThe 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. The availability of PYUSD on Solana will provide users with the choice of multiple blockchains allowing for greater flexibility and control. Additionally, the announcement builds on Solana’s reputation for processing massive amounts of transactions at high speed and with extremely low costs.
“The speed and scalability of the Solana network make it the ideal blockchain for new accessible, convenient and instant payment solutions,” he said Sheraz Shere, General Director of Payments at the Solana Foundation. “Continued adoption by industry players like PayPal helps enable the next generation of fintech innovation.”
It is the most used blockchain for stablecoin transfers, according to data from the blockchain analytics platform ArtemisSolana has emerged as the leading blockchain for executing tokenized transactions and is ideal for PYUSD as it continues to be used for payments use cases.
Greater ease of use
“For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionizing commerce by providing a trusted experience among consumers and merchants around the world. PayPal USD was created with the intent to revolutionize commerce again by providing a fast, easy and affordable payment method for the next evolution of the digital economy,” he said José Fernández da Pontesenior vice president of blockchain, cryptocurrency and digital currency group, PayPal.
“Make PYUSD available on Solana blockchain furthers our goal of enabling a digital currency with stable value designed for commerce and payments.”
The simplified PayPal and Venmo wallet experience shows PYUSD as a unified balance regardless of the blockchain. This allows for greater ease of use, and when transferring to external wallets, users can choose to send PYUSD to Ethereum or Solana. In addition to PayPal and Venmo wallets, Crypto.com, Ghost AND Paxos they are three of the top places to buy PYUSD on Solana, enabling a seamless fiat-to-crypto experience for consumers and businesses.
PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company. Paxos and its products – including expansion into new blockchains – are subject to regulatory oversight by New York State Department of Financial Services. Reserves for PayPal USD are fully backed by deposits in U.S. dollars, U.S. Treasury securities and similar cash equivalents. Additionally, PayPal USD can be bought or sold through PayPal and Venmo at a price of $1.00 per PayPal USD.