SAN JOSE, Calif., May 29, 2024 /PRNewswire/ — At Consensus 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced that PayPal USD (PYUSD) is now available on the Solana blockchain, enhancing the speed and cost-efficiency of the stablecoin.
The integration of PYUSD on Solana gives users the flexibility to choose from multiple blockchains, offering greater control and options.
Solana is renowned for handling large volumes of transactions swiftly and at minimal costs, making it highly beneficial for commercial applications.
“PayPal has been a pioneer in digital commerce for over 25 years, transforming how consumers and merchants interact worldwide.
With PayPal USD, our aim was to innovate once more by creating a fast, easy, and affordable payment method for the evolving digital economy,” said Jose Fernandez da Ponte, Senior Vice President of PayPal’s Blockchain, Cryptocurrency, and Digital Currency Group.
“Introducing PYUSD on the Solana blockchain aligns with our mission to enable a stable digital currency designed specifically for commerce and payments.”
“The speed and scalability of the Solana network make it perfect for new, accessible, cost-effective, and instant payment solutions,” added Sheraz Shere, GM of Payments at the Solana Foundation.
“PayPal’s continued adoption is crucial for advancing fintech innovation.”
PayPal and Venmo wallets offer a simplified user experience, displaying PYUSD as a unified balance regardless of the blockchain.
When transferring to external wallets, users can choose to send PYUSD via either Ethereum or Solana.
In addition to PayPal and Venmo, PYUSD on Solana is initially available for purchase through Crypto.com, Phantom, and Paxos, facilitating a seamless fiat-to-crypto transition for both consumers and businesses.
PYUSD is issued by Paxos Trust Company, a fully chartered limited-purpose trust company, subject to regulatory oversight by the New York State Department of Financial Services.
Reserves for PYUSD are fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. PYUSD can be bought or sold via PayPal and Venmo at a fixed rate of $1.00 per PayPal USD.
Issuance and custody of PYUSD are managed by Paxos Trust Company, LLC. For more information, refer to PayPal’s Cryptocurrency Terms and the Paxos Terms applicable to PYUSD.
PayPal, Inc. is authorized to conduct virtual currency business by the New York State Department of Financial Services.
Cryptocurrency transactions with PayPal are not available in Hawaii and other regions where prohibited by law.
