PayPal USD Eyes Faster and Cheaper Transactions as It Expands to Solana

The launch will allow Crypto.com, Phantom and Paxos wallet users to make cross-border transfers on Solana with PYUSD.

Quick take:

• Solana is the most-used blockchain for stablecoin transfers according to blockchain analytics platform Artemis.
• PayPal said the expansion to the Proof-of-Stake L1 will make transactions for PayPal USD (PYUSD) holders faster and cheaper.
• Crypto.com, Phantom and Paxos will be the first to provide onramps to use PYUSD on the Solana blockchain.

PayPal has announced plans to launch the PayPal USD (PYUSD) stablecoin on Solana. The global payments giant said Crypto.com, Phantom and Paxos will be the first to provide onramps to use PYUSD on the Proof-of-Stake blockchain.

Solana has emerged as the leading blockchain to run tokenised transactions amid its faster and cheaper. According to the blockchain analytics platform, Artemis, Solana is the most used blockchain for stablecoin transfers.

Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group, PayPal said launching PYUSD on Solana furthers his company’s goal of “enabling a digital currency with a stable value designed for commerce and payments.”

“For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionising commerce by providing a trusted experience between consumers and merchants around the world. PayPal USD was created with the intent to revolutionise commerce again by providing a fast, easy, and inexpensive payment method for the next evolution of the digital economy,” da Ponte said in a statement.

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

This announcement comes nearly a year following PYSUD’s launch on the Ethereum blockchain last August.

The PYUSD stablecoin has a circulating supply of 399,102,730 worth about $398 million according to data from CoinMarketCap.