The team that is responsible for Solana (SOL) made an announcement on May 29th that the stablecoin PayPal USD (PYUSD) has been launched on the blockchain. This means that users of the Solana blockchain can now use the stablecoin, which is issued by Paxos, to facilitate international transactions.
The PayPal USD stablecoin, which is issued by Paxos, was initially launched on the Ethereum (ETH) network almost a year ago in August 2023. Jose Fernandez da Ponte, the senior vice president of Blockchain, cryptocurrencies, and digital currencies at PayPal, highlighted that the availability of PYUSD on the Solana Blockchain aligns with their mission to enable a digital currency that has a stable value for commerce and payments.
PayPal emphasized in its official statement that the launch of PYUSD on Solana will help transition the stablecoin from the awareness phase to the utility phase in the long-term adoption process. They anticipate that with PYUSD being active on both Ethereum and Solana, as well as its utility in the PayPal and Venmo apps, more practical and user-friendly use cases for PYUSD will emerge. As part of this effort, they encourage web3 and stablecoin developers to access PYUSD and start building.
The team explained that they chose the Solana blockchain to drive adoption and demonstrate the usefulness of PYUSD for everyday use. They cited several reasons for choosing Solana, including its proven cost-effectiveness and high yield. However, they also mentioned that the unique features enabled by Solana are crucial for further solidifying PYUSD’s position as the preferred mechanism for commerce and payments.
At the time of writing, the price of PayPal USD was quoted at US$0.997, representing a 0.2% decrease in the last 24 hours.
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