Paypal Expands PYUSD to Solana Blockchain for Better Payment Solutions
Paypal has extended the availability of its stablecoin, Paypal USD (PYUSD), to the Solana blockchain, aiming to enhance the speed and reduce the cost of transactions. This move brings PYUSD to platforms such as Crypto.com, Phantom, and Paxos, in addition to Paypal and Venmo wallets.
Paypal Makes PYUSD Available on Solana Blockchain
During the Consensus 2024 conference, Paypal Holdings Inc. (Nasdaq: PYPL) announced that its stablecoin, Paypal USD (PYUSD), is now accessible on the Solana blockchain. Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at Paypal, explained that this development aligns with Paypal’s goal of creating a stable digital currency designed for commerce and payments.
Sheraz Shere, Head of Payments at Solana Foundation, highlighted the advantages of the Solana network, noting its speed and scalability make it ideal for new, accessible, cost-effective, and instantaneous payment solutions. He emphasized that the continued adoption of Solana by major industry participants like Paypal is driving the next generation of fintech innovation.
Paypal described the Solana blockchain as capable of processing a large number of transactions at high speeds and low costs, making it highly suitable for commerce-related applications. Solana is recognized as the most used blockchain for stablecoin transfers, according to blockchain analytics platform Artemis, positioning it as an ideal platform for PYUSD’s ongoing use in payment scenarios.
In addition to Paypal and Venmo wallets, PYUSD on Solana is now available on platforms like Crypto.com, Phantom, and Paxos. Users can choose to send PYUSD via either Ethereum or Solana. Paypal Inc. holds a license from the New York State Department of Financial Services for virtual currency business activities, with the issuance and custody of PYUSD managed by Paxos Trust Company LLC, a fully chartered limited-purpose trust company.
