Blockchain
PayPal USD Stablecoin now available on Solana Blockchain, providing faster and cheaper transactions for consumers
Crypto.com, Phantom and Paxos are the first to provide on-ramps to use PayPal USD (PYUSD) on the Solana blockchain
SAN JOSE, Calif., May 29, 2024 /PRNewswire/ — At Consensus 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced that PayPal USD (PYUSD) is now commercially available Solana Blockchain, making PayPal’s stablecoin faster and cheaper to use. The availability of PYUSD on Solana gives users1 the choice of multiple blockchains allowing for greater flexibility and control.
PayPal USD Stablecoin now available on Solana Blockchain, providing faster and cheaper transactions for consumers
The Solana blockchain is known for processing massive amounts of transactions at high speed with extremely low costs, offering significant advantages for commercial use cases. It is the most used blockchain for stablecoin transfers, according to data from the blockchain analytics platform ArtemisSolana has emerged as the leading blockchain for executing tokenized transactions and is ideal for PYUSD as it continues to be used for payments use cases.
“For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionizing commerce by providing a trusted experience among consumers and merchants around the world. PayPal USD was created with the intent to revolutionize commerce again by providing a fast, easy, and inexpensive payment method for the next evolution of the digital economy,” said Jose Fernandez da Ponte, senior vice president of Blockchain, Cryptocurrency and Digital Currency Group, PayPal. “Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with stable value designed for commerce and payments.”
“The speed and scalability of the Solana network make it the ideal blockchain for new accessible, convenient and instant payment solutions,” said Sheraz Shere, GM of Payments at the Solana Foundation. “Continued adoption by industry players like PayPal helps enable the next generation of fintech innovation.”
The simplified PayPal and Venmo wallet experience shows PYUSD as a unified balance regardless of the blockchain. This allows for greater ease of use and when transferring to external wallets, users can choose to send PYUSD to Ethereum or Solana. In addition to PayPal and Venmo wallets, Crypto.com, Ghost AND Paxos they are three of the top places to buy PYUSD on Solana, enabling a seamless fiat-to-crypto experience for consumers and businesses.
PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company. Paxos and its products, including expansion into new blockchains, are subject to regulatory oversight by the New York State Department of Financial Services. Reserves for PayPal USD are fully backed by deposits in U.S. dollars, U.S. Treasury securities and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.
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The issuance and custody of PayPal USD is performed by Paxos Trust Company, LLC. Find out more in PayPal Cryptocurrency TermsIt is in the Paxos Terms this also applies to PYUSD.
PayPal, Inc. is licensed to conduct virtual currency business by the New York State Department of Financial Services. Buying, selling, transferring and holding cryptocurrency with PayPal is not available in Hawaii and where prohibited by law.
About PayPal
PayPal has been revolutionizing global commerce for over 25 years. By creating innovative experiences that make transferring money, selling and shopping simple, personalized and secure, PayPal enables consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information visit https://www.paypal.com, https://about.pypl.com/ AND https://investor.pypl.com/.
1PayPal USD is currently not available to Hawaii residents.
Media Relations Contact
Will Burns, wilburns@paypal.com
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SOURCE PayPal Holdings, Inc.