PayPal (PYPL) Unveils New Stablecoin (PYUSD) Targeting Payments, Backed by Secure Assets

Today, we're unveiling a new stablecoin, PayPal USD (PYUSD). It's designed for payments and is backed by highly liquid and secure assets.

PayPal ventured into the cryptocurrency domain four years ago by offering limited crypto trading services to its users. Later, in August 2023, PayPal introduced its regulated stablecoin, PayPal Stablecoin (PYUSD), on the Ethereum network.

Now, according to a statement made by PayPal’s Vice President of Blockchain, Crypto, and Digital Currencies on 20th Sep 2024, Solana was always the ideal choice for international payments rather than Ethereum for PayPal.

Fernández stated that Ethereum is not the best solution for payments, prompting their launch on Solana, which offers token extensions, lower costs, and can process 1,000 transactions per second, making it ideal for mainstream adoption.

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PayPal Stablecoin & Solana Integration

In May 2024, PayPal launched its stablecoin on Solana, which has seen rapid growth in user adoption and financial activity. PYUSD has grown significantly, reaching a market capitalization of $700 million, thanks largely to its launch on the Solana network.

Recently, former Coinbase employees Vishal Gupta and Patrick McCreary launched TrueX Exchange using PYUSD. They stated that they prefer PYUSD over other stablecoins like USDC and USDT due to its robust performance and security features, especially after its launch on the Solana network.

We’ve been waiting weeks for this and I’m excited to announce my new venture!

TrueX (@truex_exchange), a non-custodial, stablecoin-native exchange representing the next evolution in crypto markets, today announced that we have officially launched out of stealth.

TrueX is the… https://t.co/llT1WPPfgm

The success of PYUSD on Solana suggests that the network is becoming the preferred choice for stablecoin-related transactions. Other major exchanges are also now looking into integrating Solana for their digital asset operations.

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