“For more than 25 years, PayPal has led the digital commerce revolution, creating a trusted experience for consumers and merchants worldwide.

PYUSD was designed to further this revolution by offering a fast, easy, and inexpensive payment method for the digital economy’s next evolution,” said Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal.

“Adding PYUSD to the Solana blockchain advances our goal of enabling a stable digital currency designed for commerce and payments.”

PayPal and Venmo wallets now display PYUSD as a unified balance, simplifying the user experience regardless of the blockchain used.

Users can choose to send PYUSD via Ethereum or Solana when transferring to external wallets.

Additionally, Crypto.com, Phantom, and Paxos are among the first platforms where PYUSD can be purchased on Solana, facilitating a seamless fiat-to-crypto experience for consumers and enterprises.

PYUSD is issued by Paxos Trust Company, a fully chartered limited purpose trust company regulated by the New York State Department of Financial Services.

PYUSD reserves are fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents, and can be bought or sold through PayPal and Venmo at a rate of $1.00 per PYUSD.

For more details, refer to PayPal’s Cryptocurrency Terms and Paxos Terms applicable to PYUSD. Note that buying, selling, transferring, and holding cryptocurrency with PayPal is not available in Hawaii and other regions where prohibited by law.