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Stablecoin PayPal USD (PYUSD) is now accessible on the Solana blockchain network. Users will have the ability to conduct private transactions and transfer tokens between the Ethereum and Solana networks without incurring additional fees.
PayPal, a leading payment service provider, has broadened the application of its stablecoin PYUSD by incorporating support for the Solana blockchain. This initiative is designed to enhance the stablecoin’s practicality for everyday payments and reduce transaction expenses.
As stated by Sheraz Shere, GM of Payments at the Solana Foundation, leveraging the Solana network will enable PayPal to boost the adoption of PYUSD as a payment method for minor and routine purchases, given that Solana’s capabilities significantly surpass those of the Ethereum network, where the stablecoin was initially introduced.
The Solana network has the capacity to handle up to 65,000 transactions per second, with an average transaction cost of merely $0.0025. In comparison, the Ethereum blockchain manages approximately 15 transactions per second, with fees that can range from $1 to $50 during peak times.
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Users can convert PYUSD on Ethereum to PYUSD on Solana without incurring any extra fees. This process can be facilitated through prominent crypto wallets such as PayPal, Venmo, and Paxos, along with crypto exchanges like Crypto.com and Phantom.
The white paper indicates that the capabilities of PYUSD on Solana include:
- ensuring user confidentiality regarding transaction amounts while still allowing visibility of other transaction details for regulatory compliance;
- providing additional programmability features for developers to activate specific programs with each token transfer, granting enhanced control over assets for wallets;
- allowing notes in transactions for both senders and receivers to facilitate record-keeping.
The introduction of the new confidential transfer feature has generated considerable dialogue within the crypto community, eliciting both positive and critical responses. Mert Mumtaz, CEO of Helius Labs, commended the confidential transfers and the inherent programmability of tokens on Solana as a true innovation. Conversely, Bitcoiner Udi Wertheimer humorously noted that the Bitcoin community has been contemplating similar privacy features for nearly a decade, yet it is the Solana users who have reaped the benefits first, thanks to PYUSD.
The PayPal stablecoin was launched in August 2023, with Paxos Trust Co. as the issuer. In April 2024, residents of the U.S. gained the ability to utilize PYUSD for cross-border transfers without fees.
Сообщение PayPal Stablecoin with New Functionality Launched on Solana появились сначала на CoinsPaid Media.
