Ethereum

Stablecoin

Solana

Value

PayPal USD

<ul class="list-ic vertical"> 
 <li> 1 <a>PayPal, the global digital payment provider, launched its new stablecoin, PYUSD, on the Solana platform.&nbsp;</a> </li> 
 <li> 2 <a>The stablecoin is already streaming on the Ethereum (ETH) network, which has a Total Value Locked (TVL) of $64.881 Billion.&nbsp;</a> </li> 
 <li> 3 <a>The launch seeks the Solana community’s attention towards PYUSD.&nbsp;&nbsp;&nbsp;&nbsp;</a> </li> 
</ul> 
In a time when new trading pairs are getting listed on exchanges, PayPal launched its new stablecoin, PYUSD, on the Solana blockchain. The purpose is to offer safer and more confidential transfers to the PYUSD holders with cost-efficiency.&nbsp; 
The launch took place on May 29 and bolstered Solana’s positioning in the crypto space.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
<h2 class="wp-block-heading" id="strong-paypal-joins-hands-with-solana-to-offer-faster-cheaper-transactions-strong">Paypal Joins Hands with Solana to Offer Faster &amp; Cheaper Transactions</h2> 
To make stablecoin faster and cheaper, <a href="https://www.thecoinrepublic.com/2023/09/19/paypal-pypl-slumps-2-after-rating-downgrades-will-it-heal/" target="_blank" rel="noreferrer noopener">PayPal </a>launched its PYUSD stablecoin over the Solana network after Ethereum. Instant cross-border Peer-to-Peer (P2P) payments, simplified global payments, and real-time microtransactions are key offerings with the new launch.&nbsp;&nbsp;&nbsp; 
At the press time, PYUSD was trading at $0.998 with a $398,306,987 market cap and $18,197,975 24-hour trading volume.&nbsp;&nbsp;&nbsp; 
PayPal shared the exciting news and the upcoming offerings for the PYUSD holders over X. 
<center>
 <blockquote class="twitter-tweet">
 PayPal USD has launched on <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw">@Solana</a>! Solana, 2nd blockchain to support PYUSD after Ethereum, boasts rapid transactions &amp; low costs, ideal for commerce. Seamlessly connect PayPal accounts for fiat-to-crypto ease. Learn more: <a href="https://t.co/dXpfOxWnNC">https://t.co/dXpfOxWnNC</a> <a href="https://t.co/eTcq4imDso">pic.twitter.com/eTcq4imDso</a>— PayPal (@PayPal) <a href="https://twitter.com/PayPal/status/1795853572048871920?ref_src=twsrc%5Etfw">May 29, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>&nbsp;
</center> 
The launch would result in low-cost rapid transactions and help in the seamless connection of PayPal accounts for fiat-to-crypto transactions. Users can buy PYUSD coins through Crypto.com, Phantom, and Paxos wallet over the Solana network, as per PayPal’s blog post.&nbsp;&nbsp;&nbsp;&nbsp; 
<h3 class="wp-block-heading" id="strong-price-and-use-cases-of-pyusd-strong">Price and Use Cases of PYUSD</h3> 
The exciting news recorded a sudden surge in PYUSD price, hitting $0.9993 on May 29 from $0.9958 on May 28. Furthermore, 24-hour trading volume spiked by 51.96%, hitting $18,185,192 in a day. 
According to CoinMarketCap, the PayPal <a href="https://www.thecoinrepublic.com/2024/04/20/stablecoin-bill-is-an-infringement-on-rights-says-coin-advocacy/" target="_blank" rel="noreferrer noopener">stablecoin </a>recorded a $10,135,647 volume on the centralized exchange (CEX) and $8,047,127 on the decentralized exchange (DEX).&nbsp; 
However, the PYUSD has hovered in the bullish line for 7 days. Besides, the launch is expected to affect the PYUSD price positively.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="574" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-382-1024x574.png" alt="Solana" class="wp-image-207337" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-382-1024x574.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-382-300x168.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-382-768x431.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-382-750x420.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-382.png 1031w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
PYUSD Price I Source: CoinMarketCap 
Uncovering the PYUSD’s use cases, the token on the SOL network would offer new payment use cases that the legacy system can’t support. Consumers will be able to send the stablecoin to eligible persons instantly across the globe at a negligible cost.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
Secondly, the coin can also be used for Business-to-Business (B2B) transfers, allowing businesses to develop services for instant and cost-effective transfers. The launch would also eliminate the need for regional bank accounts, correspondent banking, and digital wallet rails.&nbsp; 
Additionally, Web3 merchants like NFT marketplaces and gaming platforms can use this as a digital native currency that links to traditional fiat bank accounts.&nbsp; 
<h3 class="wp-block-heading" id="strong-solana-community-offers-a-grand-welcome-to-pyusd-strong">Solana Community Offers a Grand Welcome to PYUSD</h3> 
After PYUSD’s launch on the Solana network, the X filled with countless comments, likes, and welcome wishes. The Solana community warmly welcomed PayPal’s arrival and considered it a game-changer for the crypto industry.&nbsp;&nbsp; 
Mert Mumtaz, the CEO of Helium Labs, took the opportunity to welcome PayPal through his X post.&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 importantly Paypal didn't expand to Solana purely for speed Solana also allows confidential transfers and token programmability natively on the L1 itself confidential transfers alone are a game-changer <a href="https://t.co/FHipaz2Zd6">pic.twitter.com/FHipaz2Zd6</a>— mert | helius | hSOL (@0xMert_) <a href="https://twitter.com/0xMert_/status/1795853953822789820?ref_src=twsrc%5Etfw">May 29, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>&nbsp;
</center> 
“PayPal didn’t launch to Solana for speed, but for confidential transfers and token programmability natively on the L1”, Mumtaz added.

PayPal’s Stablecoin Goes Live On Solana; How Community Is Reacting?

Table of Contents

Thecoinrepublic.com

Other articles published on May 30, 2024

Crypto Executives Say Nvidia Unlikely to Outperform Bitcoin

How to start making money from crypto staking with minimal investment

Chainlink Surges Above Moving Averages, Signals Bullish Trend

Ethereum Hovering Above $3,700 As Mega Whales Accumulate: $4,900 Incoming?

EXCLUSIVE: How Blockchains Are Echoes Of The Early Internet—But With Built-In Value

MANTRA Review: Layer 1 supports Real World Assets

Join our free newsletter for daily crypto updates!