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PayPal has rolled out its stablecoin, PayPal USD (PYUSD), on the Solana blockchain to increase speed, cut costs, and give users unprecedented flexibility across multiple blockchains. Solana’s ability to support very high levels of transaction volumes in a fast and cost-effective way makes it an ideal platform for PYUSD that is also particularly well suited for payment and commerce use cases. The rollout is a reflection of the convergence of the growing role of PayPal in digital commerce as it is trying to make financial transactions a lot more modern.
According to Jose Fernandez da Ponte of PayPal, PYUSD is designed to transform digital commerce for faster, easier, and cheaper transactions. Sheraz Shere of Solana Foundation further states that Solana has its unique advantage for the new scalable payment solutions that ensure accessibility and instantaneity.
PYUSD will be presented as a unified balance to PayPal and Venmo users, so cross-platform usability just got a little simpler. Most importantly, PYUSD will also be available via Crypto.com, Star Atlas, Phantom, and Paxos, with Paxos Trust Company also serving as issuer and custodian. The move is certainly a nod toward PayPal’s continued efforts to stay within the realms of regulatory compliance, whilst also testing the edges of financial innovation.
