PayPal Announces PYUSD on Solana
PayPal USD (PYUSD) is now available on Solana, the company announced at Consensus 2024 in Austin, Texas.
The news brings the Solana network’s speedy finality and low cost to PayPal’s trusted stablecoin product, allowing users and developers to experience low-cost payments that settle in seconds, not minutes, hours, or days.
“The Solana network’s speed and scalability make it the ideal blockchain for global financial institutions, like PayPal, to create new payment solutions that are accessible, cost-effective, and instantaneous,” said Sheraz Shere, GM of Payments at the Solana Foundation.
“Continued adoption from industry giants like PayPal is crucial for the next generation of fintech innovation.”
Users will be able to access PYUSD through PayPal’s flagship PayPal and Venmo wallets, Paxos, as well as blockchain-native onramps Crypto.com and Phantom. Users will also be able to transfer PYUSD on Ethereum to PYUSD on Solana without any additional fees.
PYUSD on Solana is issued by Paxos Trust Company.
“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, senior vice president of the Blockchain, Cryptocurrency, and Digital Currency Group, PayPal.
As the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain to run tokenized transactions and ideal for PYUSD as it continues to be used for payment use cases.