PayPal Expands PYUSD to Solana Blockchain
At the Consensus 2024 event, PayPal Holdings announced that its stablecoin, PayPal USD (PYUSD), is now supported on the Solana blockchain.
This move aims to provide faster and more cost-effective transactions for PYUSD users by leveraging Solana’s high-speed, low-cost transaction capabilities.
Solana is highly regarded for its efficiency in processing large volumes of transactions swiftly and inexpensively, making it a popular choice for stablecoin transfers. This partnership enhances the utility of PYUSD in various payment scenarios, aligning with Solana’s reputation as a leading blockchain for such activities.
Jose Fernandez da Ponte, Senior VP of Blockchain, Crypto, and Digital Currencies at PayPal, highlighted the significance of this development, stating that PYUSD was created to revolutionize digital payments by offering a quick and affordable method suitable for the digital economy. Integrating PYUSD with Solana, he noted, aligns with PayPal’s vision of enabling a stable digital currency tailored for commerce.
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Sheraz Shere, GM of Payments at the Solana Foundation, emphasized that Solana’s speed and scalability make it an ideal platform for new payment solutions. He noted that PayPal’s adoption of Solana signifies a major step towards advancing fintech innovation.
For users, PYUSD will appear as a unified balance in PayPal and Venmo wallets, simplifying transactions. Users can transfer PYUSD on either the Ethereum or Solana blockchains.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
