Solana
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 to 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 increased flexibility and control. Additionally, the announcement builds on Solana’s reputation for processing huge amounts of transactions at high speed and extremely low costs.
“The speed and scalability of the Solana network makes it the ideal blockchain for new accessible, cost-effective and instant payment solutions,” said Sheraz Shere, general director of payments at the Solana Foundation. “Continued adoption by industry players like PayPal is helping to realize the next generation of fintech innovation. »
As the most used blockchain for stablecoin transfers, according to blockchain analytics platform data ArtemisSolana has become the leading blockchain for executing tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases.
Increasing ease of use
“For over 25 years, PayPal has been at the forefront of digital commerce, revolutionizing commerce by providing a trusted experience between consumers and merchants around the world. PayPal USD was created with the goal of once again revolutionizing commerce by providing a fast, simple and inexpensive payment method for the next evolution of the digital economy,” said Jose Fernández da PonteSenior Vice President of Blockchain, Cryptocurrency and Digital Currency Group, PayPal.
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with stable value designed for commerce and payments.
The simplified experience of PayPal and Venmo wallets shows PYUSD as a unified balance regardless of blockchain. This allows for increased ease of use and when transferring to external wallets, users have the choice of sending PYUSD to Ethereum or Solana. In addition to PayPal and Venmo wallets, Crypto.com, Ghost And Paxos are three of the first 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 to new blockchains – are subject to regulatory oversight from the New York State Department of Financial Services. Reserves for PayPal USD are fully collateralized by deposits in US dollars, US Treasury bills 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.