Cryptocurrencies

PYUSD stablecoin by PayPal now available on Solana

PayPal USD (PYUSD) is now officially live on the Solana blockchain, allowing users to purchase PYUSD through various platforms including PayPal, Venmo, Crypto.com, Phantom, and Paxos.

PYUSD, the stablecoin introduced by payments giant PayPal in August 2023, has been launched on the Solana blockchain. Users on Solana can now access PYUSD through PayPal and Venmo wallets, as well as through providers like Crypto.com, Phantom, and Paxos that offer fiat-to-crypto transactions for the stablecoin.

The announcement of PYUSD’s availability on Solana was made during Consensus 2024, which commenced on May 29 in Austin, Texas. The stablecoin’s integration with Solana comes after its initial launch on the Ethereum mainnet a few months ago. According to a press release, the Paxos-issued stablecoin is leveraging Solana to drive adoption in commerce and payments.

Key factors considered by the PayPal USD team in choosing Solana for integration included cost-effectiveness, high transaction throughput, settlement speed, and token extensions. This expanded functionality aims to enable fast and secure stablecoin payments using PYUSD for over 30 million merchants.

Jose Fernandez da Ponte, PayPal’s SVP for Blockchain, Crypto & Digital Currencies, stated, “Making PYUSD available on the Solana Blockchain furthers our mission of enabling a digital currency with a stable value designed for commerce & payments.”

The launch of PYUSD on Solana positions PayPal alongside other major financial institutions like Visa, WorldPay, and Stripe that are utilizing Solana’s blockchain technology. This support on Solana is crucial for PayPal and Paxos in their goal to establish PYUSD as a leading stablecoin globally, offering a faster and more affordable stablecoin experience.

Despite previous network issues, Solana has demonstrated steady growth and stability, with a capacity for up to 65,000 transactions per second at minimal costs, setting it apart from Ethereum’s slower performance. Sheraz Shere, the general manager of payments at the Solana Foundation, emphasized that the network’s speed and scalability make it an ideal blockchain for innovative payment solutions.

The ongoing adoption of new payment solutions by industry giants like PayPal is driving fintech innovation forward to new heights.

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