Crypto.com,
Phantom and Paxos are first to provide onramps to use PayPal USD
(PYUSD) on Solana
blockchain
SAN
JOSE, Calif., May 29, 2024
/PRNewswire/ -- At Consensus 2024, PayPal Holdings, Inc. (NASDAQ:
PYPL) announced that PayPal USD (PYUSD) is now available on the
Solana blockchain, making PayPal's
stablecoin faster and cheaper to
use. The availability of PYUSD on Solana provides users1 with the choice of
multiple blockchains allowing for increased flexibility and
control.
The Solana blockchain is known
for processing massive amounts of transactions at high speeds with
extremely low costs, providing significant benefits for commerce
use cases. As the most used blockchain for stablecoin transfers, according to data from blockchain
analytics platform Artemis, Solana has emerged as the leading blockchain to run
tokenized transactions and is ideal for PYUSD as it continues
to be used for payment use cases.
"For more than 25 years, PayPal has been at the forefront of
digital commerce, revolutionizing commerce by providing a trusted
experience between consumers and merchants around the world. PayPal
USD was created with the intent to revolutionize commerce again by
providing a fast, easy, and inexpensive payment method for the next
evolution of the digital economy," said Jose Fernandez da Ponte, Senior Vice President
of the Blockchain, Cryptocurrency,
and Digital Currency Group, PayPal. "Making PYUSD available on the
Solana blockchain furthers our goal
of enabling a digital currency with a stable value designed for
commerce and payments."
"The Solana network's speed and
scalability make it the ideal blockchain for new payment solutions
that are accessible, cost-effective, and instantaneous," said
Sheraz Shere, GM of Payments at the
Solana Foundation. "Continued
adoption from industry participants like PayPal helps realize the
next generation of fintech innovation."
The simplified experience of PayPal and Venmo wallets show PYUSD
as a unified balance regardless of the blockchain. This allows for
increased ease of use and when transferring out to external
wallets, users have the choice to send PYUSD on Ethereum or Solana.
In addition to the PayPal and Venmo wallets, Crypto.com, Phantom and Paxos are three of the
first places to buy PYUSD on Solana,
enabling a seamless fiat-to-crypto
experience for consumers and enterprises.
PayPal USD is issued by Paxos Trust Company, a fully chartered
limited purpose trust company. Paxos and its products – including
expansion to new blockchains – are subject to regulatory
oversight by the New York State Department of Financial
Services. Reserves for PayPal USD are fully backed by U.S. dollar
deposits, U.S. Treasuries and similar cash equivalents, and PayPal
USD can be bought or sold through PayPal and Venmo at a rate
of $1.00 per PayPal USD.
Issuance and custody of PayPal USD is performed by Paxos Trust
Company, LLC. Learn more in PayPal's Cryptocurrency Terms, and in the Paxos Terms that also
apply to PYUSD.
PayPal, Inc. is licensed to engage in virtual currency business
activity by the New York State
Department of Financial Services. Buying, selling, transferring,
and holding cryptocurrency with
PayPal is not available in Hawaii
and where prohibited by law.
About PayPal
PayPal has been revolutionizing commerce globally for more than
25 years. Creating innovative experiences that make moving money,
selling, and shopping simple, personalized, and secure, PayPal
empowers consumers and businesses in approximately 200 markets to
join and thrive in the global economy. For more information,
visit https://www.paypal.com,
https://about.pypl.com/ and
https://investor.pypl.com/.
1PayPal USD is not currently available to residents
of Hawaii.
Media Relations Contact
Will Burns, wilburns@paypal.com
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SOURCE PayPal Holdings, Inc.
