Stablecoin PayPal USD goes live on the Solana blockchain

The team behind Solana (SOL) announced on May 29 that the stablecoin PayPal USD (PYUSD) has gone live on the blockchain. With this, Solana blockchain users can use the stablecoin issued by Paxos, PayPal USD, to facilitate international transactions.

“PayPal USD (PYUSD) is live on Solana! PayPal USD stablecoin issued by Paxos will leverage Solana and token extensions to serve over 30 million merchants, empowering users with fast and secure stablecoin transactions.”

1/📣Breaking News: @PayPal USD (PYUSD) is live on Solana!

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

— Solana (@solana) May 29, 2024

Issued by Paxos, the PayPal USD stablecoin was first launched on the Ethereum (ETH) network almost a year ago, specifically in August 2023. “Making PYUSD available on the Solana Blockchain furthers our mission to enable a digital currency with a projected stable value for commerce and payments”, highlighted Jose Fernandez da Ponte, senior vice president of Blockchain, cryptocurrencies and digital currencies, at PayPal.

In its official statement, PayPal highlighted that the launch of PYUSD on Solana will help move PYUSD from the awareness phase to the utility phase in the long-term adoption process. “With PYUSD active on Ethereum and Solana – along with its utility in the PayPal and Venmo apps – we foresee the emergence of more tangible and UX-friendly use cases for PYUSD. In this effort, we encourage web3 and stablecoin developers to access PYUSD and start building.”

The team explained that they chose the Solana blockchain to help further drive adoption and prove the usefulness of PYUSD for everyday use. “Several factors contributed to Solana being chosen for the PYUSD expansion, including its proven cost-effectiveness and high yield. However, the more subtle reason to choose Solana is related to the unique features it enables for PYUSD; features that we believe are essential to further solidifying PYUSD’s position as the preferred mechanism for commerce and payments.”

At the time of publication, the price of PayPal USD was quoted at US$0.997, down 0.2% in the last 24 hours.

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