PayPal USD launches on Solana blockchain.
According to a statement released by PayPal on Wednesday, users of Solana, the world’s third most utilized blockchain, can now use PayPal USD issued by Paxos to facilitate cross-border transactions, including various transactions such as money transfers. You can. . PayPal USD was first launched on the Ethereum network last August.
Jose Fernandez da Ponte, senior vice president of PayPal’s Blockchain, Cryptocurrency and Digital Currency Group, said on Wednesday: “Making PYUSD available on the Solana blockchain furthers our goal of enabling a stable-value digital currency designed for commerce and payments. “It has become even more advanced,” he said. From the statement.
PayPal’s latest blockchain partnership forms part of the payments company’s broader foray into cryptocurrency. Earlier this week, paypal Digital Security Approval for Limited Trust Charter, a license for cryptocurrency custodians and stablecoin issuers to operate; according to Access the blockchain news site Ledger Insights.
PayPal isn’t the first payments company to adopt Solana. last fall, visa presentation Start USDC payments on the blockchain.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, crypto, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.