World Crypto Global
- Written by: Jared Kirui
- Wed, 29 May 2024
- Israel
PayPal has integrated its stablecoin Paypal USD (PYUSD) with the Solana blockchain, promising faster and more cost-effective transactions. This move aims to enhance user flexibility by leveraging Solanas capability tohandle high-volume, low-cost transactions efficiently.PayPal USD Joins Forces with SolanaPayPal announced the availability of PYUSD on theSolana blockchain during the crypto event, Consensus 2024. Solana is renowned for its ability to process a vast number of transactions quickly and at minimal cost, making it an ideal platform for stablecoin transfers. According to data from blockchainanalytics platform Artemis, Solana is the leading blockchain for tokenizedtransactions, making it a perfect match for PYUSD payments.Sheraz Shere, the GM of Payments at the SolanaFoundation, mentioned: "The Solana network's speed and scalability make it theideal blockchain for new payment solutions that are accessible, cost-effective,and instantaneous. Continued adoption from industry participants like PayPalhelps realize the next generation of fintech innovation."The integration with Solana reportedly ensures thatPYUSD maintains a unified balance in PayPal and Venmo wallets, regardless ofthe blockchain used. This feature aims to enhance user experience, offering theoption to transfer PYUSD via either Ethereum or Solana. Crypto.com, Phantom,and Paxos are among the platforms that will facilitate the purchase of PYUSD onSolana.Issued by Paxos Trust CompanyPayPal USD is issued by Paxos Trust Company, an entityregulated under the New York State Department of Financial Services. Thestablecoin is fully backed by US dollar deposits, US Treasuries, andsimilar cash equivalents. Users can buy or sell PYUSD through PayPal and Venmoat a rate of $1 per PYUSD.Recently, BVNK, a payments infrastructure provider,integrated PYUSD into its platform to enhance its payment optionsfor businesses. This integration enables businesses to transact using the US dollar-peggedstablecoin. Alongside PYUSD, users can access 14other popular digital currencies and 25 fiat currencies, broadening thespectrum of payment choices. BVNK customers can also access various functionalities,including creating PYUSD wallets, settling payments globally, and acceptingconsumer payments in PYUSD. Additionally, they can convert PYUSD into majorfiat currencies like EUR and GBP through BVNK's API, hosted payments page, ormerchant portal, facilitating transactions across borders.This article was written by Jared Kirui at www.financemagnates.com.
