Privacy Details in PayPal's Solana Move.

PayPal's PYUSD stablecoin, which recently launched on Solana, will offer private transfers as an additional feature.

On May 29, payment platform #PayPal announced the launch of its PYUSD stablecoin on Solana, which was previously only available on Ethereum. With this move by PayPal, the developments in both the stablecoin and the Solana ecosystem were raised. Especially secret transfers regarding PYUSD attracted the attention of users.

Cryptocurrency expert Udi Wertheimer said: “This is very similar to 'private transactions', a feature that Bitcoin developers have been working on for almost a decade but never built, and you're telling me that PayPal users will be the first to get this feature?”

Helius Labs #CEO Mert Mumtaz said, “Paypal did not choose Solana just for speed,” and added:

“#Solana also allows private transfers and token programmability natively at layer-1 itself. Only secret transfers change the rules of the game.”

“TEs (token extensions) are an open standard that allows PYUSD to be integrated and used not only within the PayPal ecosystem but also outside of PayPal in any compatible wallet, exchange or other,” the Solana Foundation explained.

#PYUSD was launched in August 2023 and is primarily backed by U.S. Treasury Reverse Repurchase Agreements, according to issuer Paxos. According to CoinGecko, its circulating supply has increased by 50 percent since the beginning of this year, and the stablecoin's 24-hour trading volume is approximately $18 million.
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