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At Consensus 2024, PayPal Holdings, Inc. revealed on May 29 its plans to extend its stablecoin, PayPal USD (PYUSD), to the Solana blockchain.
PayPal aims to improve transaction speeds and lower costs, offering users enhanced flexibility and control. The integration will leverage Solana’s rapid and cost-effective infrastructure.
PayPal USD is issued by Paxos Trust Company, a fully chartered limited-purpose trust company regulated by the New York State Department of Financial Services. Reserves for PYUSD are fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents.
PayPal Utilizing Solana’s Technological Framework
PayPal USD has officially launched on @Solana!
Solana, the second blockchain to support PYUSD after Ethereum, features fast transactions and low costs, making it suitable for commerce. Effortlessly link PayPal accounts for easy fiat-to-crypto transactions.
Learn more: https://t.co/dXpfOxWnNC pic.twitter.com/eTcq4imDso
— PayPal (@PayPal) May 29, 2024
Solana, recognized for its capacity to handle numerous transactions swiftly and affordably, offers advantages for commercial applications. Data from the blockchain analytics platform Artemis indicates that Solana has emerged as a prominent blockchain for stablecoin transfers.
The integration with Solana will improve the speed and scalability of PYUSD transactions, making them more accessible, economical, and immediate.
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“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” stated Sheraz Shere, GM of Payments at the Solana Foundation. “Ongoing adoption from industry players like PayPal contributes to the realization of the next generation of fintech innovation.”
Users of PayPal and Venmo wallets will have a consolidated balance of PYUSD, irrespective of the blockchain.
Moreover, Crypto.com, Phantom, and Paxos are among the initial platforms to enable the purchase of PYUSD on Solana, streamlining a seamless fiat-to-crypto experience for both consumers and businesses.
PayPal Discontinues NFT Purchase Protection Program
PayPal has recently excluded non-fungible token (NFT) purchases from its purchase protection program, which commenced on May 20. This modification removed NFTs from eligibility under the program, particularly for transactions exceeding $10,000.01 or those below $10,000 if not classified as unauthorized.
Despite PayPal’s earlier initiatives to incorporate NFTs into its platform, allowing users to buy, sell, and hold NFTs, this change signifies a shift in their strategy amid varying interest and engagement in the NFT market.
The NFT market has significantly contracted, with sales volumes declining and major platforms like GameStop closing their NFT marketplaces due to regulatory uncertainties.
The post PayPal Expands PYUSD to Solana Blockchain for Lower-Cost Transactions appeared first on Cryptonews.
