At Consensus 2024, PayPal made a significant announcement: they've introduced PayPal USD (PYUSD) on the Solana blockchain. This move means PYUSD is now faster and cheaper to use. Users now have more options for where they can store and spend their digital dollars.
Solana is known for its exceptional speed and low transaction costs. According to Artemis, Solana is the top choice for moving stablecoins like PYUSD. So, it's no wonder PayPal decided to leverage Solana's capabilities for PYUSD.
Jose Fernandez da Ponte, a key figure at PayPal, emphasized their commitment to simplifying online transactions over the past 25 years. PYUSD is their latest endeavor to make online payments quick, easy, and cost-effective.
Sheraz Shere, an expert in payments at Solana, sees the partnership with PayPal as a game-changer. He believes Solana's speed and scalability make it an ideal platform for innovative payment solutions.
Using PYUSD is seamless with PayPal and Venmo. It remains unified in your balance, whether it's on Ethereum or Solana. You can even purchase PYUSD on Solana from platforms like Crypto.com, Phantom, and Paxos.
It's worth noting that PYUSD is backed by Paxos Trust Company and regulated by the New York State Department of Financial Services. This ensures that PYUSD is backed by real US dollars and can be bought or sold for $1 each through PayPal and Venmo.
PYUSD is currently unavailable for Hawaiian residents.
