PayPal USD Stablecoin Expands to Solana Blockchain, Enabling Faster and Cheaper Transactions

San Jose, CA (USA) – May 29, 2024 – PayPal announced at Consensus 2024 the expansion of its stablecoin, PayPal USD (PYUSD), to the Solana blockchain. This move aims to provide users with a faster and cheaper experience when using PYUSD.

Increased Flexibility and Control with Multiple Blockchains

The availability of PYUSD on Solana complements its existing presence on the Ethereum blockchain. This multi-chain support offers users greater flexibility and control over their transactions.

Solana: A Perfect Fit for PYUSD

Solana is known for its high transaction speeds and incredibly low costs, making it ideal for everyday commerce needs. According to Artemis, a blockchain analytics platform, Solana is the most used blockchain for stablecoin transfers, further solidifying its position as the leading choice for tokenized transactions.

Revolutionizing Commerce with PYUSD

“PayPal has been a pioneer in digital commerce for over 25 years, transforming the way consumers and businesses interact worldwide,” stated Jose Fernandez da Ponte, Senior Vice President of PayPal’s Blockchain, Cryptocurrency, and Digital Currency Group. “PYUSD was created to further revolutionize commerce by providing a fast, user-friendly, and cost-effective payment method for the evolving digital economy. Expanding PYUSD to Solana aligns with our commitment to building a stable digital currency optimized for commerce and payments.”

Sheraz Shere, GM of Payments at the Solana Foundation, echoed this sentiment, highlighting the network’s suitability for innovative payment solutions. “The Solana network’s scalability and speed make it the ideal platform for new payment solutions that are accessible, affordable, and instantaneous. Continued industry adoption from players like PayPal accelerates the development of the next generation of financial technology.”

Seamless User Experience Across Blockchains

The user experience remains consistent across PayPal and Venmo wallets, displaying PYUSD as a unified balance regardless of the underlying blockchain. Users transferring PYUSD to external wallets can choose between Ethereum and Solana for added convenience.

Multiple Onramps for Easy Entry

In addition to PayPal and Venmo wallets, Crypto.com, Phantom, and Paxos are among the first platforms offering PYUSD on Solana. This collaboration creates a smooth fiat-to-crypto experience for consumers and businesses.

Security and Transparency

Paxos Trust Company, a fully regulated limited purpose trust company, issues PayPal USD. Paxos and its offerings, including expansion to new blockchains, undergo strict regulatory oversight by the New York State Department of Financial Services.

For added transparency, reserves backing PYUSD are fully held in U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. Users can purchase and sell PYUSD through PayPal and Venmo at a consistent rate of $1.00 per PYUSD.

Disclaimer

Issuance and custody of PayPal USD are handled by Paxos Trust Company, LLC. For additional information, refer to PayPal’s Cryptocurrency Terms and the Paxos Terms applicable to PYUSD.

PayPal holds a license for virtual currency business activity issued by the New York State Department of Financial Services. Buying, selling, transferring, and holding cryptocurrency with PayPal is currently unavailable in Hawaii and any other jurisdictions where prohibited by law.