Stablecoin

Solana

Billion

PayPal’s <a href="https://coinmarketcap.com/currencies/paypal-usd/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">PYUSD</a> stablecoin, recently launched on Solana, will offer “confidential transfers” as an added feature.
On May 29, PayPal announced the deployment of its dollar-pegged stablecoin on the Solana blockchain, previously available only on Ethereum.
A significant new feature for PYUSD is “confidential transfers.”
According to a May 29 Solana blog post, this feature will enable merchants to maintain transaction amount confidentiality for their consumers while ensuring regulatory visibility.
Bitcoiner Udi Wertheimer commented, “This sounds a lot like ‘confidential transactions,’ a feature Bitcoin devs have been larping about for almost a decade but never built, and you’re telling me PayPal users will have it first? LOL,” in a post on X on May 29.
Helius Labs CEO Mert Mumtaz remarked, “PayPal didn’t expand to Solana purely for speed,” and added, “Solana also allows confidential transfers and token programmability natively on the L1 itself. Confidential transfers alone are a game-changer.”
Additional programmability on Solana includes “transfer hooks,” allowing specific programs to be called with each token transfer, giving wallets more control over the asset.
Solana’s token extension standard, compliant with the SPL token standard, provides several benefits for PayPal’s stablecoin.
READ MORE: <a href="https://www.cryptointelligence.co.uk/tether-mints-1-billion-in-usdt-paving-the-way-for-bitcoin-to-hit-80000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether Mints $1 Billion in USDT, Paving the Way for Bitcoin to Hit $80,000</a>
These benefits include reduced development and testing, enterprise-ready “plug-and-play” capabilities, and flexibility.
“TEs [token extensions] are an open standard that allows PYUSD to be integrated and used not only in the PayPal ecosystem but also outside of PayPal with any compatible wallet, exchange, or library,” explained the Solana Foundation.
PYUSD was launched in August 2023 and is primarily backed by U.S. Treasury Reverse Repurchase Agreements, as per issuer Paxos.
Its circulating supply has increased by 50% since the beginning of this year, with a 24-hour trading volume of around $18 million, according to CoinGecko.
Previously, the Paxos Trust Company-issued stablecoin was only available on Ethereum.
The total circulation is around $400 million, with the current supply on Solana at $5 million, according to Solana’s network explorer.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

PayPal Expands PYUSD Stablecoin to Solana, Introduces Confidential Transfers

Crypto Intelligence

Ďalšie články zverejnené 31. 5. 2024

TECHLI - Atlas Navi looks to revolutionize the navigation experience - By Sam Brake Guia June 2...

SimpleSwap Launches a Trading Contest With $12,000 prize pool

BlockDAG Dev Release 38: Sets New Blockchain Standards, Secures Over $37M in Presale with Improve...

3 Altcoins To Sell Amid Bearish Sentiment

BlockDAG’s Dashboard Upgrades Outshine Solana and Immutable X with a $37.8M Presale Boom

Bitcoin ‘Realized Volatility’ Showing Very Rare Trend: What Could Be Next

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!