Crypto.com, Phantom and Paxos are first to offer onramps to make use of PayPal USD (PYUSD) on Solana blockchain 

SAN JOSE, Calif., Could 29, 2024 /PRNewswire/ — At Consensus 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) introduced that PayPal USD (PYUSD) is now obtainable on the Solana blockchain, making PayPal’s stablecoin quicker and cheaper to make use of. The provision of PYUSD on Solana gives customers¹ with the selection of a number of blockchains permitting for elevated flexibility and management.

The Solana blockchain is understood for processing huge quantities of transactions at excessive speeds with extraordinarily low prices, offering important advantages for commerce use circumstances. As essentially the most used blockchain for stablecoin transfers, in keeping with knowledge from blockchain analytics platform Artemis, Solana has emerged because the main blockchain to run tokenized transactions and is very best for PYUSD because it continues for use for cost use circumstances.

“For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionizing 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,” mentioned Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Foreign money Group, PayPal. “Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.”

“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” mentioned Sheraz Shere, GM of Funds on the Solana Basis. “Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.”

The simplified expertise of PayPal and Venmo wallets present PYUSD as a unified stability whatever the blockchain. This permits for elevated ease of use and when transferring out to exterior wallets, customers have the selection to ship PYUSD on Ethereum or Solana. Along with the PayPal and Venmo wallets, Crypto.com, Phantom and Paxos are three of the primary locations to purchase PYUSD on Solana, enabling a seamless fiat-to-crypto expertise for shoppers and enterprises.

PayPal USD is issued by Paxos Belief Firm, a totally chartered restricted function belief firm. Paxos and its merchandise – together with growth to new blockchains – are topic to regulatory oversight by the New York State Division of Monetary Companies. Reserves for PayPal USD are absolutely backed by U.S. greenback deposits, U.S. Treasuries and related money equivalents, and PayPal USD could be purchased or bought via PayPal and Venmo at a price of $1.00 per PayPal USD.

Issuance and custody of PayPal USD is carried out by Paxos Belief Firm, LLC. Study extra in PayPal’s Cryptocurrency Phrases, and within the Paxos Phrases that additionally apply to PYUSD.

PayPal, Inc. is licensed to have interaction in digital foreign money enterprise exercise by the New York State Division of Monetary Companies. Shopping for, promoting, transferring, and holding cryptocurrency with PayPal shouldn’t be obtainable in Hawaii and the place prohibited by legislation.

About PayPal
PayPal has been revolutionizing commerce globally for greater than 25 years. Creating progressive experiences that make shifting cash, promoting, and procuring easy, personalised, and safe, PayPal empowers shoppers and companies in roughly 200 markets to hitch and thrive within the world economic system. For extra info, go to https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.

¹PayPal USD shouldn’t be at the moment obtainable to residents of Hawaii.

Media Relations Contact
Will Burns, wilburns@paypal.com

SOURCE PayPal Holdings, Inc.