PayPal has announced its plans to expand its stablecoin, PayPal USD (PYUSD), to the Solana blockchain, aiming to improve transaction speeds and reduce costs for users. The integration will utilize Solana’s high-speed and low-cost infrastructure. PayPal USD is issued by Paxos Trust Company and is fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. Solana, known for its ability to process transactions quickly and cheaply, is a leading blockchain for stablecoin transfers. The integration with Solana will enhance the speed, scalability, and accessibility of PYUSD transactions. Users of PayPal and Venmo wallets will have a unified balance of PYUSD regardless of the blockchain. Crypto.com, Phantom, and Paxos are among the first platforms to support the purchase of PYUSD on Solana, providing a seamless fiat-to-crypto experience. In a separate development, PayPal has removed non-fungible token (NFT) purchases from its purchase protection program, reflecting a shift in their approach due to declining interest and participation in the NFT market.
