PayPal USD is going live on the Solana blockchain.
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments,” Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, said Wednesday in the statement.
PayPal’s latest blockchain partnership forms part of the payments company's broader foray into crypto. Earlier this week, PayPal Digital secured approval for a limited-purpose trust charter, which is a license that enables cryptocurrency custodians and stablecoin issuers to operate, according to blockchain news site Ledger Insights.
PayPal isn't the first payments company to embrace Solana. Last fall, Visa announced it would launch USDC settlement on the blockchain.