Paypal Holdings Inc. (Nasdaq: PYPL) announced at Consensus 2024 that its Paypal USD stablecoin (PYUSD) is now available on the Solana blockchain, making it “faster and cheaper to use.” Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at Paypal, stated:
Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.
“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” said Sheraz Shere, Head of Payments at Solana Foundation. “Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.”
Paypal explained: “The Solana blockchain is known for processing massive amounts of transactions at high speeds with extremely low costs, providing significant benefits for commerce use cases. 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 is ideal for PYUSD as it continues to be used for payment use cases.”
Besides the Paypal and Venmo wallets, Crypto.com, Phantom, and Paxos are among the first platforms to offer PYUSD on Solana. Users now have the choice to send PYUSD on Ethereum or Solana. Paypal Inc. holds a license from the New York State Department of Financial Services to engage in virtual currency business activities. The issuance and custody of Paypal USD are managed by Paxos Trust Company LLC, a fully chartered limited-purpose trust company.