PayPal's PYUSD Launches On Solana
NYSE Announced Plans To List Bitcoin Options, Gemini Earn Users Will Get All Of Their Crypto Back
PayPal has launched its PYUSD stablecoin on the Solana blockchain to enable cheaper, faster transactions, alongside the option for multi-chains access.
The launch was made possible by Paxos Trust Company that is subject to New York State's DFS regulatory oversight.
PYUSD's reserves are fully backed by USD deposits, treasuries, and other equivalents.
Solana is seen by PayPal and similar companies integrating with blockchains as a scalable, "ideal" solution for retail payment solutions in fintech.
Solana itself has published technical deep dive into PYUSD on Solana, naming use cases like microtransactions, simplified global payouts, cost-effective B2B payments, and near-instant cross-border P2P payments.
Furthermore, the Solana website shows that confidential transfers, metadata, transfer hooks, and other features are available as extensions of it.
Venmo and PayPal now show PYUSD as a unified balance no matter the chain they're on, which increases the interoperability and provides the choice between Ethereum and Solana.
Crypto.com, Phantom, and Paxos are some of the first platforms that have bought PYUSD and are offering it to customers and businesses
PayPal is now licensed as a virtual currency operator by the New York State's DFS, but PYUSD is not available and prohibited in Hawaii.
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