According to Blockworks, the stablecoin PYUSD launched by PayPal has been launched on Solana. Users can use Crypto.com, Phantom and Paxos to transfer PayPal's stablecoin to Solana. Paxos is also the issuer of PYUSD.
PYUSD, which debuted in August, is an Ethereum-based stablecoin backed 1:1 by assets such as the U.S. dollar and U.S. Treasuries.
Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency and digital currencies, told Blockworks in an interview that the payments giant is interested in Solana’s potential to use PYUSD for payments and peer-to-peer money movement, rather than using exchanges like popular stablecoins.
