PayPal has integrated its stablecoin Paypal USD (PYUSD) with the Solana blockchain, promising faster and more cost-effective transactions. This move aims to enhance user flexibility by leveraging Solana’s capability to handle high-volume, low-cost transactions efficiently.
PayPal USD Joins Forces with Solana
PayPal announced the availability of PYUSD on the Solana blockchain during the crypto event, Consensus 2024. Solana is renowned for its ability to process a vast number of transactions quickly and at minimal cost, making it an ideal platform for stablecoin transfers. According to data from blockchain analytics platform Artemis, Solana is the leading blockchain for tokenized transactions, making it a perfect match for PYUSD payments.
Sheraz Shere, the GM of Payments at the SolanaFoundation, mentioned: "The Solana network's speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous. Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation."
The integration with Solana reportedly ensures that PYUSD maintains a unified balance in PayPal and Venmo wallets, regardless of the blockchain used. This feature aims to enhance user experience, offering the option to transfer PYUSD via either Ethereum or Solana. Crypto.com, Phantom, and Paxos are among the platforms that will facilitate the purchase of PYUSD on Solana.
Issued by Paxos Trust Company
PayPal USD is issued by Paxos Trust Company, an entity regulated under the New York State Department of Financial Services. The stablecoin is fully backed by US dollar deposits, US Treasuries, and similar cash equivalents. Users can buy or sell PYUSD through PayPal and Venmo at a rate of $1 per PYUSD.
Recently, BVNK, a payments infrastructure provider,integrated PYUSD into its platform to enhance its payment options for businesses. This integration enables businesses to transact using the US dollar-peggedstablecoin. Alongside PYUSD, users can access 14 other popular digital currencies and 25 fiat currencies, broadening the spectrum of payment choices.
BVNK customers can also access various functionalities, including creating PYUSD wallets, settling payments globally, and accepting consumer payments in PYUSD. Additionally, they can convert PYUSD into major fiat currencies like EUR and GBP through BVNK's API, hosted payments page, or merchant portal, facilitating transactions across borders.
This article was written by Jared Kirui at www.financemagnates.com.
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