(29 May 2024 – United States) PayPal has enabled stablecoin token holders to execute cross border payments significantly cheaper and faster as PayPal USD (PYUSD) goes live on the Solana blockchain.
After PayPal USD was first released on the Ethereum network in Q3 2023, users of the third-most-active blockchain Solana can now use the Paxos-issued PYUSD to conduct cross border payments such as remittances and many other transaction types.
PayPal’s latest blockchain venture forms part of the group’s wider crypto ambitions following Visa’s announcement it was launching USDC settlement on the blockchain.
“For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionising 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. Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments” commented PayPal Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group, Jose Fernandez da Ponte.
“The Solana network's speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous. Continued adoption from industry participants like PayPal helps realise the next generation of fintech innovation” stated Solana Foundation GM of Payments, Sheraz Shere.