At Consensus 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced the integration of its stablecoin, PayPal USD (PYUSD), with the Solana blockchain. This development is set to make transactions using PYUSD faster and more cost-effective, providing users with the flexibility to choose between multiple blockchains.
The Solana blockchain, renowned for its high-speed and low-cost transaction processing, offers substantial benefits for commercial applications. As per data from blockchain analytics platform Artemis, Solana is the most utilized blockchain for stablecoin transfers, making it a prime choice for PYUSD's ongoing payment use cases.
"For over 25 years, PayPal has been a pioneer in digital commerce, creating trusted experiences for consumers and merchants worldwide. PayPal USD was designed to revolutionize commerce once again by providing a fast, easy, and inexpensive payment method for the evolving digital economy," stated Jose Fernandez da Ponte, Senior Vice President of PayPal's Blockchain, Cryptocurrency, and Digital Currency Group. "Integrating PYUSD with Solana furthers our objective of offering a stable digital currency tailored for commerce and payments."
Sheraz Shere, GM of Payments at the Solana Foundation, added, "The speed and scalability of the Solana network make it an ideal platform for new, accessible, cost-effective, and instantaneous payment solutions. Adoption by industry leaders like PayPal propels the next wave of fintech innovation."
PayPal and Venmo wallets will display PYUSD as a unified balance, simplifying user experience regardless of the blockchain used. Users can transfer PYUSD on either Ethereum or Solana when moving funds to external wallets. Additionally, PYUSD can be purchased on Solana through platforms like Crypto.com, Phantom, and Paxos, facilitating a seamless fiat-to-crypto experience for both consumers and enterprises.
Issued by Paxos Trust Company, a fully chartered limited-purpose trust company, PayPal USD is fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. PYUSD can be bought or sold through PayPal and Venmo at a fixed rate of $1.00 per PayPal USD.
PayPal, Inc. is licensed to engage in virtual currency business activities by the New York State Department of Financial Services. Cryptocurrency services through PayPal are not available in Hawaii and other areas where prohibited by law.
Read the official note:
PAYPAL/SOLANA
PayPal USD is not currently available to residents of Hawaii.
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