PayPal’s USD stablecoin (PYUSD) is now accessible on the Solana blockchain, offering users faster and more cost-effective transactions. This integration, announced during Consensus 2024 by PayPal Holdings, Inc. (NASDAQ: PYPL), grants consumers the ability to utilize PYUSD on Solana, alongside other blockchains, enhancing flexibility and control over their transactions.
Solana is renowned for its capability to process large volumes of transactions swiftly and at minimal costs, making it particularly advantageous for various commercial applications.
According to data from blockchain analytics platform Artemis, Solana stands out as the most utilized blockchain for stablecoin transfers, solidifying its position as the preferred platform for tokenized transactions like PYUSD, especially in payment scenarios.
Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, highlighted the company’s commitment to revolutionizing commerce once again through PYUSD.
He emphasized its aim to offer a rapid, convenient, and cost-effective payment solution tailored for the evolving digital economy. Integrating PYUSD with Solana aligns with this vision, furthering PayPal’s objective of facilitating digital currencies with stable values for seamless commerce and payments.
Sheraz Shere, General Manager of Payments at the Solana Foundation, underscored Solana’s suitability for pioneering payment solutions that prioritize accessibility, affordability, and speed. He emphasized how the continued endorsement of Solana by industry leaders like PayPal propels the advancement of next-generation fintech innovations.
The integration of PYUSD with Solana ensures a unified balance across PayPal and Venmo wallets, regardless of the underlying blockchain. This unified experience enhances user convenience, enabling seamless transfers between different wallets.
Users also have the option to transfer PYUSD on Ethereum or Solana when sending funds to external wallets. Furthermore, platforms like Crypto.com, Phantom, and Paxos offer PYUSD on Solana, facilitating a smooth fiat-to-crypto experience for both consumers and enterprises.
Paxos Trust Company issues PayPal USD, backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. Regulatory oversight by the New York State Department of Financial Services ensures compliance with standards.
The issuance and custody of PYUSD are managed by Paxos Trust Company, LLC, with detailed terms available in PayPal’s Cryptocurrency Terms and Paxos Terms.
PayPal, Inc. holds a license from the New York State Department of Financial Services for virtual currency business activities. However, cryptocurrency services provided by PayPal are not available in Hawaii and other jurisdictions where prohibited by law.
