PayPal has integrated its stablecoin PYUSD with the
Solana blockchain, promising faster and more cost-effective transactions. This
move aims to enhance user flexibility by tapping into Solana’s capability to
handle high-volume, low-cost transactions efficiently.
PayPal announced the availability of PYUSD on the
Solana blockchain at Consensus 2024. Solana is renowned for its ability to process a vast 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’s payment use cases.
Sheraz Shere, the GM of Payments at the Solana
Foundation, mentioned: “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.”
The integration with Solana reportedly ensures that
PYUSD maintains a unified balance in PayPal and Venmo wallets, regardless of
the blockchain used. This feature simplifies the user experience, offering the
option to transfer PYUSD via either Ethereum or Solana. Crypto.com, Phantom,
and Paxos are among the first platforms to facilitate the purchase of PYUSD on
Solana.
Issued by Paxos Trust Company
PayPal USD is issued by Paxos Trust Company, an entity
regulated under the New York State Department of Financial Services. The
stablecoin is fully backed by U.S. dollar deposits, U.S. Treasuries, and
similar cash equivalents. Users can buy or sell PYUSD through PayPal and Venmo
at a rate of $1 per PayPal USD.
PayPal has integrated its stablecoin PYUSD with the
Solana blockchain, promising faster and more cost-effective transactions. This
move aims to enhance user flexibility by tapping into Solana’s capability to
handle high-volume, low-cost transactions efficiently.
PayPal announced the availability of PYUSD on the
Solana blockchain at Consensus 2024. Solana is renowned for its ability to process a vast 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’s payment use cases.
Sheraz Shere, the GM of Payments at the…
