PayPal USD Stablecoin Goes Live on Solana Blockchain
PayPal at Consensus 2024 announced that the PayPal USD (PYUSD) stablecoin is now live on the Solana blockchain. The availability of PYUSD on the Solana blockchain makes transactions faster and cheaper to use.
1/📣Breaking News: @PayPal USD (PYUSD) is live on Solana!
— Solana (@solana) May 29, 2024
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. pic.twitter.com/h66iejTv50
In a statement released by PayPal, the payment giant stated that, according to data from blockchain analytics platform Artemis, Solana is the most popular blockchain for stablecoin transfers. It is also the best blockchain for tokenized transactions, which makes it a perfect fit for PYUSD as long as it is utilized for payment use cases.
Senior Vice President of PayPal, Jose Fernandez da Ponte, stated, "PayPal USD was developed with the goal of revolutionizing commerce once more by offering a quick, simple, and affordable payment option for the next progression of the digital economy. Adding PYUSD to the Solana blockchain affirms our goal of providing a stable digital currency for transactions and payments.
"General Manager of Payments at the Solana Foundation, Sheraz Shere, stated that the speed and scalability of the Solana network's blockchain make it the perfect blockchain for new payment solutions that are accessible, affordable, and instantaneous."
The simplified experience of PayPal and Venmo wallets shows PYUSD as a single balance, regardless of the blockchain. Users can send PYUSD on multiple blockchains, such as Ethereum or Solana, and enjoy a seamless fiat-to-crypto experience for consumers and enterprises. Customers and businesses can buy PYUSD on Solana on Crypto.com, Phantom, and Paxos for a seamless fiat-to-crypto experience.
PYUSD made its debut in August as a stablecoin based on Ethereum and backed 1:1 by US Treasurys and dollars. The stablecoin is entering a market where there are already two major players, USDT and USDC. PYUSD, currently the thirteenth largest stablecoin, will compete with both stablecoins, which account for about 97% of Solana stablecoin activity, per the DeFiLlama data.
Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.