San Jose, Wednesday, June 5, 2024 – PayPal holdings announced the availability of PayPal USD (PYUSD) on the Solana blockchain, the fourth largest blockchain, moving a step forward beyond the ETH ecosystem on May 29, 2024. 1
The step toward expanding PYUSD on a leading blockchain was revealed at Consensus 2024.
Solana offers its users (Currently, except Hawaii users) a wide range of blockchains within a flexible and accessible infrastructure for quick transactions at affordable prices.
Thus, PayPal’s intention of joining with Solana would be to foster the PYUSD community by adopting them for minor and daily transactions.
“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” GM of Payments at the Solana Foundation, Sheraz Shere, said.
The data provided by Artemis, the blockchain analytics company, revealed Solana had become the leading blockchain to operate tokenized transactions.
Solana would emerge, offering massive opportunities for commerce use cases and payment use cases for PYUSD, continuing its performance in a user-friendly ecosystem.
The eligibility to look for the selection of sending PYUSD either on ETH or Solana via PayPal and Venmo wallets is provided to the users with this collaboration.
Apart from PayPal and Venmo, Crypto.com, Phantom, and Paxos also enlisted to purchase PYUSD on Solana, enhancing the fiat-to-crypto experience for users and firms.
PayPal USD, issued by Paxos Trust Company, focuses on financial services and is regulated under the New York State Department of Financial Services.
- newsroom: https://newsroom.paypal-corp.com/2024-05-29-PayPal-USD-Stablecoin-Now-Available-on-Solana-Blockchain,-Providing-Faster,-Cheaper-Transactions-for-Consumers [↩]
