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

• 1 PayPal, the global digital payment provider, launched its new stablecoin, PYUSD, on the Solana platform. 
• 2 The stablecoin is already streaming on the Ethereum (ETH) network, which has a Total Value Locked (TVL) of $64.881 Billion. 
• 3 The launch seeks the Solana community’s attention towards PYUSD.    

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. 

The launch took place on May 29 and bolstered Solana’s positioning in the crypto space.          

Paypal Joins Hands with Solana to Offer Faster & Cheaper Transactions

To make stablecoin faster and cheaper, PayPal 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.   

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.   

PayPal shared the exciting news and the upcoming offerings for the PYUSD holders over X.

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.    

Price and Use Cases of PYUSD

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 stablecoin recorded a $10,135,647 volume on the centralized exchange (CEX) and $8,047,127 on the decentralized exchange (DEX). 

However, the PYUSD has hovered in the bullish line for 7 days. Besides, the launch is expected to affect the PYUSD price positively. 

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.     

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. 

Additionally, Web3 merchants like NFT marketplaces and gaming platforms can use this as a digital native currency that links to traditional fiat bank accounts. 

Solana Community Offers a Grand Welcome to PYUSD

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.  

Mert Mumtaz, the CEO of Helium Labs, took the opportunity to welcome PayPal through his X post. 

“PayPal didn’t launch to Solana for speed, but for confidential transfers and token programmability natively on the L1”, Mumtaz added.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.