PAYPAL, THE PAYMENTS GIANT, HAS LAUNCHED ITS STABLECOIN PAYPAL USD (PYUSD) ON THE SOLANA BLOCKCHAIN, PROMISING FASTER AND LOWER-COST TRANSACTIONS. AMONG THE FIRST TO ADOPT PYUSD ON SOLANA ARE PLATFORMS SUCH AS CRYPTO.COM, PHANTOM, AND PAXOS, AS WELL AS PAYPAL AND VENMO WALLETS.
Paypal Holdings Inc. (Nasdaq: PYPL) announced at Consensus 2024 that its stablecoin, Paypal USD (PYUSD), is now available on the Solana blockchain. This move makes PYUSD “faster and less expensive to use.” Jose Fernandez da Ponte, Senior Vice President of Paypal’s Blockchain, Crypto, and Digital Currencies group, stated:
“Deploying PYUSD on the Solana blockchain brings us closer to our goal of creating a stable digital currency designed for commerce and payments.”
Sheraz Shere, Head of Payments at Solana Foundation, added: “The speed and scalability of the Solana network make it perfect for new payment solutions that are accessible, cost-effective, and instant. Adoption by industry leaders like PayPal is crucial for advancing the next generation of fintech innovation.”
Paypal explained: “The Solana blockchain is renowned for its ability to process a massive number of high-speed transactions at extremely low costs, providing significant benefits for commercial use cases. According to Artemis, a blockchain analytics platform, Solana is the most used blockchain for stablecoin transfers and has established itself as a leader in handling tokenized transactions, making it ideal for PYUSD.”
Additionally, platforms such as Crypto.com, Phantom, and Paxos, along with Paypal and Venmo wallets, are among the first to offer PYUSD on Solana. Users can now choose to send PYUSD on either Ethereum or Solana. Paypal Inc. is licensed by the New York State Department of Financial Services to conduct virtual currency business activity, while the issuance and custody of Paypal USD are managed by Paxos Trust Company LLC, a fully regulated limited purpose trust company.
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