PayPal has announced that PayPal USD (PYUSD) is now available on the Solana blockchain, enhancing speed and reducing costs for stablecoin transactions. The availability of PYUSD on the Solana blockchain gives users the option to choose between multiple blockchains, significantly increasing their flexibility and control over transactions.

The Solana blockchain is known for processing massive amounts of transactions at high speeds with very low costs, providing significant benefits for commerce use cases. As one of the most used blockchains for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as a prominent blockchain to run tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases. Officials from PayPal said that for more than 25 years, they have been at the forefront of digital commerce, revolutionising it by providing a trusted experience between consumers and merchants around the world.

PayPal USD was created with the intent to augment commerce again by providing a fast, easy, and inexpensive payment method for the next evolution of the digital economy. Making PYUSD available on the Solana blockchain furthers their goal of enabling a digital currency with a stable value designed for commerce and payments. Also commenting on this development, representatives from Solana Foundation said the Solana network's speed and scalability make it a suitable blockchain for new payment solutions that are accessible, cost-effective, and instantaneous.

Continued adoption from industry participants like PayPal helps realise the next generation of fintech innovation. Unified PYUSD balance across PayPal and Venmo wallets The simplified experience of PayPal and Venmo wallets show PYUSD as a unified balance regardless of the blockchain. This allows for increased ease of use and when transferring out to external wallets, users have the choice to send PYUSD on Ethereum or Solana.

In addition to the PayPal and Venmo wallets, Crypto.com, Phantom, and Paxos are three of the first places to buy PYUSD on Solana, enabling a seamless fiat-to-crypto experience for consumers and enterprises. Regulatory oversight and backing of PayPal USD PayPal USD is issued by Paxos Trust Company, a fully chartered limited purpose trust company. Paxos and its products – including expansion to new blockchains – are subject to regulatory oversight by the New York State Department of Financial Services.

Reserves for PayPal USD are fully backed by US dollar deposits, US Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at a rate of USD 1.00 per PayPal USD. PayPal is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Buying, selling, transferring, and holding cryptocurrency with PayPal is not available in Hawaii and where prohibited by law.

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