At Consensus 2024, PayPal Holdings, Inc. announced on May 29 that it would expand its stablecoin, PayPal USD (PYUSD), to the Solana blockchain.
Paypal’s goal is to enhance transaction speeds and reduce costs, providing users greater flexibility and control. The integration will use Solana’s high-speed and low-cost infrastructure.
PayPal USD is issued by Paxos Trust Company, a fully chartered limited-purpose trust company regulated by the New York State Department of Financial Services. U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents fully back reserves for PYUSD.
PayPal Using Solana’s Tech Infrastructure
PayPal USD has launched on @Solana!
Solana, 2nd blockchain to support PYUSD after Ethereum, boasts rapid transactions & low costs, ideal for commerce. Seamlessly connect PayPal accounts for fiat-to-crypto ease.
https://t.co/dXpfOxWnNC pic.twitter.com/eTcq4imDso
— PayPal (@PayPal) May 29, 2024
Solana, known for its ability to process many transactions quickly and cheaply, provides benefits for commerce use cases. According to data from the blockchain analytics platform Artemis, Solana has become a leading blockchain for stablecoin transfers.
The integration with Solana will enhance the speed and scalability of PYUSD transactions, making them more accessible, cost-effective, and instantaneous.
“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” Sheraz Shere, GM of Payments at the Solana Foundation noted. “Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.”
Users of PayPal and Venmo wallets will experience a unified balance of PYUSD regardless of the blockchain.
Additionally, Crypto.com, Phantom, and Paxos are among the first platforms to support the purchase of PYUSD on Solana, facilitating a seamless fiat-to-crypto experience for both consumers and enterprises.
PayPal Remove NFT Purchase Protection Program
PayPal recently removed non-fungible token (NFT) purchases from its purchase protection program, which started May 20. The change excluded NFTs from eligibility under the program, particularly transactions above $10,000.01 or those under $10,000 if not deemed unauthorized.
Despite PayPal’s previous efforts to integrate NFTs into its platform, allowing users to buy, sell, and hold NFTs, the amendment reflects a shift in their approach amid fluctuating interest and participation in the NFT market.
The NFT market has greatly declined, with sales volumes dropping and major platforms like GameStop shutting down their NFT marketplaces due to regulatory uncertainties.
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