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News - PayPal Stablecoin PYUSD is now running on Solana
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29-05-20242 min read
PayPal Stablecoin PYUSD is now running on Solana
PayPal delves further into the crypto world: The Stablecoin PYUSD will be connected to Solana. The blockchain is "ideal for new payment solutions."
PayPal's Stablecoin PYUSD will be integrated into the Solana Blockchain. The payment service provider announced this in a press release. According to the company, consumers will benefit from "faster and cheaper transactions". In addition, "the availability of PYUSD on Solana users the ability to choose between multiple blockchains, leading to greater flexibility and control".
1/📣Breaking News: @PayPal USD (PYUSD) is live on Solana!
— Solana (@solana) May 29, 2024
PayPal USD stablecoin issued by @Paxos will leverage Solana and token extensions to serve over 30m+ merchants, empowering users with fast and secure stablecoin transactions. pic.twitter.com/h66iejTv50
According to PayPal, the Solana blockchain is known for "process large volumes of transactions at high speed and extremely low cost". Sheraz Shere of the Solana Foundation stated that "speed and scalability make the Solana network the ideal blockchain for new payment solutions that are accessible, cost-effective and immediate.".
The link allows users to choose to "PYUSD to be sent via Ethereum or Solana". Stablecoin is initially available through the PayPal and Venmo wallets, as well as Phantom and Paxos.
