Hassan Maishera
TL;DR
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PayPal’s PYUSD has now launched on the Solana network.
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The launch on the Solana network will enable PYUSD stablecoin holders to enjoy faster and cheaper transactions.
PYUSD Now Live on the Solana Blockchain
Fintech giant PayPal announced on Wednesday that its stablecoin has gone live on the Solana blockchain. According to the company’s statement, the Paxos-issued PayPal USD is now available on Solana, making it easy to use PYUSD for cross-border transactions, such as remittances, as well as a variety of other transactions
This latest development comes after the stablecoin launched on the Ethereum network in August. Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group, PayPal, commented that,
"For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionizing commerce by providing a trusted experience between 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. Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments."
PayPal has been expanding its presence in the cryptocurrency space in recent months. Earlier this week, the fintech giant secured approval for a limited-purpose trust charter, a license that allows crypto custodians and stablecoin issuers to operate.
PayPal revealed that in addition to PayPal and Venmo wallets, users can also buy PYUSD on Solana on Crypto.com, Phantom, and Paxos. PayPal USD is issued by Paxos Trust Company, a fully chartered limited-purpose trust company.
