Why Paypal Stable Coin PYUSD move to Solana

5 Facts that you might need to know:

1. $SOL have more adaptions and became the most used / adapted in most cryptocurrency use-case, means it will grow even more.

2. PYUSD might be used in much more case like paying using venmo with much lower cost or international payment within Paypal Network with lower fee compared to its tradiational web 2.0 services.

3. PYUSD was officially used by PayPal Ventures to fund one of their investments, they might help more crypto related projects especially on solana communities

4. It might compete with USDT (we have heard that somehow USDT have several conviction that might have some risks of reserves)

5. Solana will get more congested. (its well known in solana communities)

Breaking News : PYUSD or Paypal USD now will run in the one of the fastest, scalable, and low-cost blockchains. Solana has been the most used blockchain for stablecoin transfers according to blockchain analytics platform Artemis.

PYUSD is already traded on selected exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken; leading crypto wallets like MetaMask, Ledger and Phantom; custodians and institutional service providers like Fireblocks, Copper, Paxos and Fordefi; crypto payment service providers like Venmo, Bitpay; and already supported by some of the most widely used decentralized applications but it's still not yet listed or being used in Binance ($BNB).

PYUSD was Launched in August 2023 on etherium Issued by Paxos, and fully backed by U.S. dollar deposits. Current supply when this post is made are 399,102,730 PYUSD (around 400M $) in circulation.

PYUSD are mostly traded in CURVE : Curve Finance is a decentralized liquidity pool for stablecoin trading, and HTX and Crypto also have support PYUSD in their Centralized Exchange.

“Making PYUSD available on the Solana Blockchain furthers our mission of enabling a digital currency with a stable value designed for commerce and payments,” said Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain in a statement 29 May 2024.