Global #PYUSD

PayPal has announced significant advancements in its cryptocurrency offerings, aiming to bridge the gap between consumer and business adoption.

PayPal has officially confirmed its preference for the Solana blockchain over Ethereum for launching its stablecoin, PYUSD. José Fernández da Ponte, head of PayPal’s Blockchain, Crypto, and Digital Currencies business unit, cited the Ethereum network's shortcomings in facilitating effective payment solutions as a key reason for this decision.

PayPal's stablecoin, PYUSD, has achieved a significant milestone, surpassing a $1 billion market capitalization last week, according to CoinMarketCap data.

PayPal USD (PYUSD) has rapidly ascended in the stablecoin market, achieving the status of the sixth-largest stablecoin within a short span.

Since its expansion to the Solana blockchain on May 29, PayPal USD (PYUSD) has experienced a dramatic 150% increase in its market capitalization, according to DefiLlama data. The stablecoin’s total market value has surged to $684 million, reflecting significant growth and adoption since its launch on Solana.

Paxos, a notable figure in the stablecoin sector, has introduced a fresh stablecoin called Lift Dollar (USDL) via its subsidiary Paxos International, based in the UAE.

PayPal has expanded its PYUSD stablecoin onto the Solana blockchain, introducing a new feature called "confidential transfers." This feature allows merchants to keep transaction amounts confidential while maintaining regulatory visibility.

PayPal has revealed its decision to adopt the Solana blockchain for expanding its stablecoin, PayPal USD (PYUSD), marking a significant departure from its previous reliance on the Ethereum ecosystem.

BVNK, a provider of payment infrastructure, has announced the incorporation of the PayPal USD (PYUSD) stablecoin, issued by Paxos Trust Company, into its payment system.