PayPal's Stablecoin "PYUSD" Now Available on Solana | Confidential Transfer Feature Offered

PayPal has expanded the utility of its US dollar-pegged stablecoin, PayPal USD (PYUSD), to the Solana blockchain.

This move, announced on May 29, 2024, allows users to benefit from Solana's high-speed, low-cost transaction environment.

Learn how platforms like Crypto.com and Phantom facilitate PYUSD purchases on Solana and explore the upcoming confidential transfer feature aimed at enhancing transaction privacy.

PayPal USD (PYUSD) Now Available on Solana

On May 29, 2024, payment giant "PayPal" announced that its US dollar-pegged stablecoin, PayPal USD (PYUSD), is now available on the Solana blockchain.

PayPal USD (PYUSD) is a PayPal-branded stablecoin pegged to the US dollar, announced on August 7, 2023, and issued by Paxos Trust Company.

Since the value of PYUSD is fully backed by US dollar deposits, US Treasuries, and cash equivalents, users can buy and sell PYUSD at a rate of "1 PYUSD = 1 USD" through platforms like PayPal and Venmo.

Originally issued on the Ethereum blockchain, PYUSD can now also be used on the Solana blockchain, as reported.

Solana (SOL) is a high-performance layer-1 blockchain known for its fast and low-cost transaction environment, allowing users to utilize PYUSD more quickly and affordably on Solana.

PYUSD Purchase Function on Solana

The announcement also mentioned that "Crypto.com, Phantom, and Paxos" will offer on-ramp functions (exchange of fiat currency to cryptocurrency) for using PYUSD on Solana.

These three companies will be the first platforms where users can purchase "PYUSD on Solana."

Additionally, PayPal and Venmo will display the PYUSD balance collectively regardless of the blockchain, allowing users to choose between "Ethereum" and "Solana" for transfers to external wallets.

Confidential Transfer Feature on Solana

Regarding PYUSD on Solana, it was also reported in Solana's official announcement that "a confidential transfer feature will be offered with PYUSD."

While this feature is not yet activated on Solana, it will enable merchants to maintain visibility for regulatory purposes while providing consumers with transaction amount confidentiality.

>> Click here to read the latest article related to Stablecoin