Paypal Holdings Inc. (Nasdaq: PYPL) revealed during Consensus 2024 that its Paypal USD stablecoin (PYUSD) is now accessible on the Solana blockchain, promising a "quicker and more economical" experience. Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at Paypal, remarked:

The introduction of PYUSD on the Solana blockchain aligns with our objective of establishing a digital currency with a stable value tailored for commerce and transactions.

Sheraz Shere, Head of Payments at Solana Foundation, noted, "The Solana network's rapidity and scalability position it as the optimal blockchain for innovative payment solutions that are convenient, cost-efficient, and instantaneous." He added, "PayPal's continued involvement contributes to the evolution of the next wave of fintech advancement."

Paypal elaborated, "The Solana blockchain boasts exceptional transaction processing capabilities, handling extensive transaction volumes swiftly and at minimal costs, presenting substantial advantages for commercial applications." Solana has emerged as the preferred blockchain for tokenized transactions and stablecoin transfers, as per data from blockchain analytics platform Artemis.

In addition to the Paypal and Venmo wallets, Crypto.com, Phantom, and Paxos are among the initial platforms offering PYUSD on Solana. Users now have the option to transmit PYUSD via Ethereum or Solana. Paypal Inc. is licensed by the New York State Department of Financial Services for virtual currency operations. Paxos Trust Company LLC oversees the issuance and custody of Paypal USD, functioning as a fully chartered limited-purpose trust company.