PayPal USD (PYUSD) is now accessible on the Solana blockchain, offering users faster and more cost-effective transactions. This new integration provides enhanced flexibility and control over digital payments.
PayPal Holdings, Inc. (NASDAQ: PYPL) has announced the integration of PayPal USD (PYUSD) on the Solana blockchain, enhancing the speed and affordability of transactions. This move allows users greater flexibility with multiple blockchain options.
The Solana blockchain is recognized for its high transaction speeds and low costs, making it ideal for commerce. According to blockchain analytics platform Artemis, Solana is the leading blockchain for stablecoin transfers, which supports PYUSD’s use in payment applications.
“For over 25 years, PayPal has led the way in digital commerce, providing a trusted experience for consumers and merchants worldwide. PayPal USD aims to continue this legacy by offering a fast, easy, and affordable payment method for the digital economy’s next phase,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currency Group at PayPal. “Introducing PYUSD on Solana supports our vision of a stable digital currency designed for commerce and payments.”
“The Solana network’s speed and scalability make it perfect for new, accessible, cost-effective, and instant payment solutions,” said Sheraz Shere, GM of Payments at the Solana Foundation. “PayPal’s adoption helps drive the next wave of fintech innovation.”
PayPal and Venmo wallets present PYUSD as a unified balance, simplifying use across different blockchains. Users can transfer PYUSD on Ethereum or Solana when moving funds to external wallets. Additionally, Crypto.com, Phantom, and Paxos are among the first platforms to offer PYUSD on Solana, enhancing the fiat-to-crypto experience for both consumers and businesses.
PayPal USD is issued by Paxos Trust Company, a regulated entity overseen by the New York State Department of Financial Services. The reserves for PayPal USD are backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents, ensuring a stable value of $1.00 per PayPal USD, which can be traded via PayPal and Venmo.
Issuance and custody of PayPal USD are managed by Paxos Trust Company, LLC. For more details, refer to PayPal’s Cryptocurrency Terms and Paxos Terms that apply to PYUSD.
PayPal, Inc. is licensed by the New York State Department of Financial Services to conduct virtual currency business. Cryptocurrency transactions with PayPal are not available in Hawaii and where prohibited by law.
About PayPal
For over 25 years, PayPal has been a pioneer in global commerce, offering innovative solutions that make financial transactions simple, personalized, and secure. Serving approximately 200 markets, PayPal empowers individuals and businesses to participate in and thrive in the global economy. For more information, visit PayPal
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