PayPal Deploys Its PYUSD Stablecoin on the Solana Blockchain

PayPal, a payment giant, declared the launch of the PayPal USD (PYUSD) stablecoin on the Solana blockchain, which is well-liked by memecoin issuers.

PayPal, the payment giant, has announced the launch of PayPal USD (PYUSD) stablecoin on the Solana blockchain, popular among memecoin issuers.

1/?Breaking News: @PayPal USD (PYUSD) is live on Solana!

PayPal USD stablecoin issued by @Paxos will leverage Solana and token extensions to serve over 30m+ merchants, empowering users with fast and secure stablecoin transactions.

PayPal launched PYUSD, a dollar-pegged coin, on the Ethereum blockchain in August, followed by its integration into its peer-to-peer Venmo payments service in September.

The launch may boost interest in PYUSD, a mid-sized cryptocurrency with a recognizable brand but limited adoption. PYUSD, issued by Paxos Trust Company, has only 8,600 holders on Ethereum and a market cap below $400 million, trailing behind Circle and Tether.

Solana’s speed and low transaction fees attracted the company to the blockchain, said Jose Fernandez da Ponte, senior vice president of PayPal’s blockchain, cryptocurrency and digital currency group in San Jose, California.

“Ethereum works fine. But if you’re interested in retail payments as we are, basically you need at least 1000 transactions per second, and you need transaction costs in the pennies, not in the dollars,” he added.

In addition to cost and speed, PYUSD gains new capabilities on Solana that weren’t possible on Ethereum. For instance, it allows businesses to make their transactions slightly more private by using that chain’s “Token Extensions” standard. It is among the few programmable and compliance powers available to PYUSD.

By putting PYUSD on the Solana Blockchain, they can achieve the goal of providing a stable digital currency for payments and business, Fernandez da Ponte added.