PayPal USD to go live on Solana blockchain
Quick Take
- PayPal is launching its stablecoin on Solana, with the aim of offering its token holders faster and cheaper transactions.
- PayPal USD’s rollout on Solana comes nearly a year after the stablecoin launched on the Ethereum network.
PayPal USD is going live on the Solana blockchain.
Users of Solana, the world's third-most-utilized blockchain, can now use the Paxos-issued PayPal USD to facilitate cross-border transactions, such as remittances, as well as a variety of other transactions, according to a statement from PayPal on Wednesday. PayPal USD first launched on the Ethereum network last August.
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments,” Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, said Wednesday in the statement.
PayPal’s latest blockchain partnership forms part of the payments company's broader foray into crypto. Earlier this week, PayPal Digital secured approval for a limited-purpose trust charter, which is a license that enables cryptocurrency custodians and stablecoin issuers to operate, according to blockchain news site Ledger Insights.
PayPal isn't the first payments company to embrace Solana. Last fall, Visa announced it would launch USDC settlement on the blockchain.
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