PayPal announced on 29 May 2024 that its US dollar-denominated stablecoin, PayPal USD — known in the market as PYUSD — is now available on the Solana blockchain, adding a second settlement network to the digital currency that had previously operated exclusively on Ethereum. The announcement was made at the Consensus 2024 conference in Austin, Texas.
PayPal said it chose Solana because of the network's speed, scalability and low transaction costs.
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PayPal, which enables cryptocurrency buying, selling and transfers for US customers, launched PYUSD in 2023 as its own branded stablecoin, issued by Paxos Trust Company and backed by US dollar deposits, US Treasuries and similar cash equivalents.
PayPal said the move gives users more flexibility and control across blockchains, in line with its aim of offering a fast, easy and inexpensive payment method for the digital economy.