PayPal has deployed its PYUSD stablecoin on the Solana blockchain, bringing new features like confidential transfers to enhance transaction privacy for consumers while maintaining regulatory compliance.
Previously available only on Ethereum, this expansion allows merchants to ensure transaction amount confidentiality, as detailed in a May 29 Solana blog post.
The added programmability also includes “transfer hooks,” which empower PayPal developers to execute custom programs during PYUSD token transfers. This functionality provides wallets with enhanced control over the assets.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
PYUSD was developed on Solana as a fungible token using token extensions (TEs), providing numerous benefits for the stablecoin. These include reduced time required to develop and test apps, enterprise-ready “plug-and-play” capabilities, and greater flexibility.
The Solana Foundation highlighted that the open standards of TEs used to build PYUSD allow developers to easily integrate PYUSD into their apps, experiment with it, and develop additional features on top of it as necessary.
PYUSD was launched in August 2023 and, according to its issuer, Paxos, is backed mainly by US Treasury Reverse Repurchase Agreements. The stablecoin’s current 24-hour trading volume reaches over $18 million.
Overall, the deployment of PYUSD on Solana provides a solution that benefits both developers and consumers.
PayPal has previously demonstrated its commitment to innovation through its collaborative project with Energy Web and DMG Blockchain, which rewards Bitcoin miners for using sustainable energy sources.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
