PayPal Confirms That PYUSD Is Officially On Solana

PayPal declared that its PYUSD stablecoin is now operational on Solana (SOL), marking a notable shift with potential advantages for commercial applications. Solana, the blockchain network supporting the fifth largest cryptocurrency, SOL, seeks to rival Ethereum (ETH) by offering a faster platform for developers to craft various applications, including games and various decentralized finance (DeFi) apps.

Fast And Cost-Effective

The main distinguishing feature of Solana lies in its rapid and economical transactions, facilitating quick settlements. This was one of the main points of consideration for PayPal prior to their announcement.

Citing data via blockchain analytics platform Artemis, PayPal highlighted Solana as the most utilized blockchain for stablecoin transfers, positioning it as the premier blockchain for executing tokenized transactions, particularly well-suited for PYUSD in particular.  PayPal Senior Vice President of Blockchain, Crypto, and Digital Currency, Jose Fernandez da Ponte, emphasized that enabling PYUSD on the Solana blockchain advances their objective of establishing a digital currency with a stable value tailored for commerce and payments.

Acquiring PYUSD

PYUSD, a dollar-pegged stablecoin, is collateralized by cash equivalents and short-term treasuries. Launched by PayPal last year, PYUSD is issued by Paxos Trust Co. and currently operates on Ethereum as well. Additionally, Venmo users will soon gain access to purchase PYUSD, with availability expanding gradually over the coming weeks.

The stablecoin, Ethereum-based and backed by cash equivalents and short-term treasuries, was launched by PayPal in August, with Paxos Trust Co. issuing the token. Presently, users can acquire the stablecoin through prominent exchanges such as Crypto.com, Coinbase, and Kraken.