PayPal has introduced its Paxos-issued PayPal USD (PYUSD) stablecoin to the Solana blockchain. This move allows users of Solana, the third-largest blockchain by utilization, to conduct cross-border transactions, remittances, and other payments using the stable digital currency.
The launch of PYUSD on Solana expands PayPal’s goal of enabling a digital currency focused on commerce and payments. Previously, PYUSD was only available on the Ethereum network after its initial launch in August 2022.
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments,” stated Jose Fernandez da Ponte, a PayPal blockchain executive.
Integrating with Solana’s high-performance and low-cost blockchain aligns with PayPal’s broader crypto strategy. Earlier this week, PayPal Digital secured a license to operate as a cryptocurrency custodian and stablecoin issuer.
PayPal joins other major payments firms like Visa in tapping into Solana’s blockchain capabilities. Last year, Visa announced plans to enable USDC settlements on the Solana network.
As crypto adoption grows, PayPal is positioning itself at the forefront by offering its stablecoin on multiple blockchain platforms, providing users with a stable digital currency option across various payment use cases.
