PayPal USD (PYUSD) Stablecoin Now Available on the Solana Blockchain

PayPal Holdings, Inc. (NASDAQ: PYPL) announced at Consensus 2024 that its stablecoin, PayPal USD (PYUSD), is now available on the Solana blockchain.

PayPal (NASDAQ:PYPL) announced on Monday the launch of its stablecoin, PayPal USD (PYUSD), on the Solana blockchain at Consensus 2024. The move is designed to make PYUSD transactions faster and cheaper for consumers, enhancing the usability of PayPal's stablecoin.

Solana is known for handling a high volume of transactions quickly and at low costs. According to data from blockchain analytics platform Artemis, Solana is the most used blockchain for stablecoin transfers. Its efficiency and low transaction fees make it an ideal platform for PYUSD, which continues to be utilized for various payment applications.

“For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionizing commerce by providing a trusted experience between consumers and merchants around the world,” said Jose Fernandez da Ponte, Senior Vice President, Blockchain, Cryptocurrencies, and Digital Currencies, PayPal. “PayPal USD was created with the intent to revolutionize commerce again by providing a fast, easy, and inexpensive payment method for the next evolution of the digital economy.”

He noted that the availability of PYUSD on Solana furthers PayPal's goal of enabling a stable digital currency designed for commerce and payments.

“The Solana network's speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” said Sheraz Shere, General Manager of Payments, Solana Foundation. “PayPal's adoption of Solana will help drive the next generation of fintech innovation.”

PayPal and Venmo wallets will display PYUSD as a unified balance irrespective of the blockchain. This feature simplifies the user experience, allowing easy transfers to external wallets on either the Ethereum or Solana blockchains.

In addition to the PayPal and Venmo wallets, Crypto.com, Phantom, and Paxos are among the first platforms to support PYUSD on Solana, providing a seamless fiat-to-crypto experience for both consumers and enterprises.

PayPal USD is issued and custodied by Paxos Trust Company. Reserves for PYUSD are 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 rate of $1.00 per PayPal USD.

PayPal, Inc. is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. It should be noted that buying, selling, transferring, and holding cryptocurrency with PayPal is not available in Hawaii and where prohibited by law.