On May 29, PayPal announced the launch of its stablecoin PYUSD on the Solana blockchain. Previously, PYUSD was only available on Ethereum. One of the key features of PYUSD will be “private transfers,” allowing merchants to keep transaction amounts confidential for their customers while maintaining visibility to regulators. 🕵️‍♂️

Helius Labs CEO Mert Mumtaz noted that "PayPal didn't move to Solana just for speed. Solana also allows private transfers and token programming directly on L1. Confidential transfers in themselves are a breakthrough."

PYUSD was launched in August 2023 and is primarily backed by reverse repos with the US Treasury. The total turnover is approximately $400 million, and the current supply for Solana is $5 million.