Key Takeaways:
- PayPal has expanded its PYUSD stablecoin to the Solana blockchain, introducing “confidential transfers” to keep transaction amounts private while ensuring regulatory compliance.
- Solana’s token extension standard and support for confidential transfers were pivotal in PayPal’s decision to expand PYUSD to this blockchain.
- PYUSD’s circulating supply has increased by 50% this year, with $5 million now on Solana out of a total $400 million.
PayPal has expanded its PYUSD stablecoin to the Solana blockchain, introducing “confidential transfers” as a key feature.
This enhancement allows merchants to keep transaction amounts private while remaining accessible for regulatory scrutiny.
PayPal USD has launched on @Solana!
— PayPal (@PayPal) May 29, 2024
Solana, 2nd blockchain to support PYUSD after Ethereum, boasts rapid transactions & low costs, ideal for commerce. Seamlessly connect PayPal accounts for fiat-to-crypto ease.
Learn more: https://t.co/dXpfOxWnNC pic.twitter.com/eTcq4imDso
Crypto enthusiast Udi Wertheimer noted the similarity to Bitcoin’s unimplemented “confidential transactions.”
Helius Labs CEO Mert Mumtaz highlighted Solana’s support for confidential transfers and native token programmability as reasons for PayPal’s choice.
Solana’s token extension standard, aligning with the SPL token standard, provides benefits like reduced development time and flexibility.
PYUSD, backed by U.S. Treasury Reverse Repurchase Agreements and issued by Paxos, has seen a 50% increase in circulating supply this year.
1/📣Breaking News: @PayPal USD (PYUSD) is live on Solana!
— Solana (@solana) May 29, 2024
PayPal USD stablecoin issued by @Paxos will leverage Solana and token extensions to serve over 30m+ merchants, empowering users with fast and secure stablecoin transactions. pic.twitter.com/h66iejTv50
Initially available only on Ethereum, PYUSD now has $5 million circulating on Solana out of a total $400 million.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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