PayPal Expands PYUSD to Solana Blockchain for Lower-Cost Transactions
At Consensus 2024, PayPal Holdings, Inc. announced on May 29 that it would expand its stablecoin, PayPal USD (PYUSD), to the Solana blockchain .
Paypal’s goal is to enhance transaction speeds and reduce costs, providing users greater flexibility and control. The integration will use Solana’s high-speed and low-cost infrastructure.
PayPal USD is issued by Paxos Trust Company, a fully chartered limited-purpose trust company regulated by the New York State Department of Financial Services. U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents fully back reserves for PYUSD.
PayPal USD has launched on @Solana!
Solana, 2nd blockchain to support PYUSD after Ethereum, boasts rapid transactions & low costs, ideal for commerce. Seamlessly connect PayPal accounts for fiat-to-crypto ease.
Learn more: https://t.co/dXpfOxWnNC pic.twitter.com/eTcq4imDso
— PayPal (@PayPal) May 29, 2024
Solana, known for its ability to process many transactions quickly and cheaply, provides benefits for commerce use cases. According to data from the blockchain analytics platform Artemis, Solana has become a leading blockchain for stablecoin transfers.
The integration with Solana will enhance the speed and scalability of PYUSD transactions, making them more accessible, cost-effective, and instantaneous.
“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” Sheraz Shere, GM of Payments at the Solana Foundation noted. “Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.”
Users of PayPal and Venmo wallets will experience a unified balance of PYUSD regardless of the blockchain.
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