Highlights:
- PayPal USD is now available on the Solana blockchain, enhancing speed and reducing transaction costs.
- Solana’s high-speed, low-cost transactions make it ideal for commerce, benefiting PYUSD’s payment use cases.
- PayPal and Venmo wallets unify PYUSD balances, offering flexibility in transferring between Ethereum and Solana.
PayPal. has announced the availability of its stablecoin, PayPal USD (PYUSD), on the Solana blockchain. This integration aims to make PYUSD transactions faster and more cost-effective. Users now have the flexibility to choose between multiple blockchains, enhancing their control over transactions.
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BIG news from @Consensus2024:
PayPal USD is now available on Solana 🎉https://t.co/rFaFy7kunz
1/4 pic.twitter.com/ieclKmrBlI
— Paxos (@Paxos) May 29, 2024
Why Solana?
Solana is renowned for its ability to process transactions rapidly and at a fraction of the cost compared to other blockchains. According to Artemis, a blockchain analytics platform, Solana is the most utilized blockchain for stablecoin transfers, which makes it an ideal platform for PYUSD.
The integration with Solana allows PayPal to leverage the blockchain’s high throughput and low fee structure, making it a superior choice for handling the dynamic needs of digital payments.
PayPal’s Vision for PYUSD
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currency Group, emphasized the significance of this development. He stated,
For over 25 years, PayPal has been at the forefront of digital commerce, revolutionizing commerce by providing a trusted experience between consumers and merchants worldwide. PayPal USD was created to revolutionize commerce again by providing a fast, easy, and inexpensive payment method for the next evolution of the digital economy. Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.
Sheraz Shere, GM of Payments at the Solana Foundation, added,
The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous. Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.
Unified Balance for Ease of Use
PayPal and Venmo wallets now display PYUSD as a unified balance, regardless of the blockchain. This simplifies the user experience and allows seamless transfers to external wallets on Ethereum or Solana.
In addition to PayPal and Venmo, other prominent platforms, including Crypto.com, Phantom, and Paxos, have integrated PYUSD on the Solana network. This will provide consumers and enterprises with a seamless fiat-to-crypto conversion experience.
PYUSD is issued by Paxos Trust Company, a fully chartered limited-purpose trust company. Paxos’ operations, including its blockchain expansions, are under the regulatory oversight of the New York State Department of Financial Services. PYUSD reserves are backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. Users can buy or sell PYUSD through PayPal and Venmo at $1.00 per PYUSD.
Solana has recently been integrated into Pulsar Finance’s platform to enhance cross-chain asset management. This will allow users to manage their portfolios more efficiently without connecting multiple wallets, ensuring privacy. The integration capitalizes on Solana’s exceptional transaction speed and affordability, bolstering Pulsar’s growth.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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