Solana
PayPal USD stablecoin now available on the Solana blockchain
PayPal announced that PayPal USD (PYUSD) is now available on the Solana blockchain, improving the speed and reducing costs of stablecoin transactions.
The availability of PYUSD on the Solana blockchain gives users the ability to choose between multiple blockchains, significantly increasing their flexibility and control over transactions.
The Solana blockchain is known for processing massive amounts of transactions at high speeds and very low costs, providing significant benefits for commercial use cases. As one of the most widely used blockchains for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has become a leading blockchain for executing tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases.
PayPal officials said that for more than 25 years they have been at the forefront of digital commerce, revolutionizing it by providing a trusted experience between consumers and merchants around the world. PayPal USD was created with the aim of increasing commerce again by providing a fast, simple and inexpensive payment method for the next evolution of the digital economy. Making PYUSD available on the Solana blockchain furthers their goal of enabling a digital currency with stable value designed for commerce and payments.
Also commenting on this development, representatives of the Solana Foundation said that the speed and scalability of the Solana network make it a blockchain suitable for new accessible, cost-effective and instant payment solutions. Continued adoption by industry players like PayPal is helping to realize the next generation of fintech innovations.
Unified PYUSD balance on PayPal and Venmo wallets
The simplified experience of PayPal and Venmo wallets presents 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, Phantom, 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 Regulatory Oversight and Support
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 by the New York State Department of Financial Services. Reserves for PayPal USD are fully collateralized by deposits in U.S. dollars, U.S. Treasury bills and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at the rate of $1.00 per PayPal USD.
PayPal is licensed to conduct business in virtual currency by the New York State Department of Financial Services. Buying, selling, transferring and holding cryptocurrencies with PayPal is not available in Hawaii and where prohibited by law.