TechFlow news, according to Blockworks, PayPal's stablecoin PYUSD has launched on Solana. Users can now transfer PayPal’s stablecoin to Solana via Crypto.com, Phantom, and Paxos, with Paxos being the issuer of PYUSD.
PYUSD first debuted in August as an Ethereum-based stablecoin backed 1:1 by assets such as U.S. dollars and U.S. Treasuries.
Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, crypto, and digital currencies, told Blockworks that the payment giant is particularly interested in Solana’s potential for enabling payments and peer-to-peer fund transfers using PYUSD—not just trading, as is common with popular stablecoins.
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