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   PayPal Honey Venmo PayPal Zettle
   
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   Culture Diversity, Inclusion, Equity and Belonging Volunteerism
   
   PERFORMANCE
   
   Corporate Announcements PayPal Ventures Strategic Partnerships Social Impact
   
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NEWS

May 29, 2024
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 * Product
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PayPal USD Stablecoin Now Available on Solana Blockchain, Providing Faster,
Cheaper Transactions for Consumers

Crypto.com, Phantom and Paxos are first to provide onramps to use PayPal USD
(PYUSD) on Solana blockchain 

SAN JOSE, Calif., May 29, 2024 /PRNewswireOpens in a new window/ -- At Consensus
2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced that PayPal USD (PYUSD) is
now available on the Solana blockchainOpens in a new window, making PayPal's
stablecoin faster and cheaper to use. The availability of PYUSD on Solana
provides users1 with the choice of multiple blockchains allowing for increased
flexibility and control.



The Solana blockchain is known for processing massive amounts of transactions at
high speeds with extremely low costs, providing significant benefits for
commerce use cases. As the most used blockchain for stablecoin transfers,
according to data from blockchain analytics platform ArtemisOpens in a new
window, Solana has emerged as the leading blockchain to run tokenized
transactions and is ideal for PYUSD as it continues to be used for payment use
cases.

"For more than 25 years, PayPal has been at the forefront of digital commerce,
revolutionizing commerce by providing a trusted experience between consumers and
merchants around the world. PayPal USD was created with the intent to
revolutionize commerce again by providing a fast, easy, and inexpensive payment
method for the next evolution of the digital economy," said Jose Fernandez da
Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital
Currency Group, PayPal. "Making PYUSD available on the Solana blockchain
furthers our goal of enabling a digital currency with a stable value designed
for commerce and payments."

"The Solana network's speed and scalability make it the ideal blockchain for new
payment solutions that are accessible, cost-effective, and instantaneous," said
Sheraz Shere, GM of Payments at the Solana Foundation. "Continued adoption from
industry participants like PayPal helps realize the next generation of fintech
innovation."

The simplified experience of PayPal and Venmo wallets show PYUSD as a unified
balance regardless of the blockchain. This allows for increased ease of use and
when transferring out to external wallets, users have the choice to send PYUSD
on Ethereum or Solana. In addition to the PayPal and Venmo wallets,
Crypto.com,Opens in a new window PhantomOpens in a new window and PaxosOpens in
a new window are three of the first places to buy PYUSD on Solana, enabling a
seamless fiat-to-crypto experience for consumers and enterprises.

PayPal USD is issued by Paxos Trust Company, a fully chartered limited purpose
trust company. Paxos and its products – including expansion to new blockchains
– are subject to regulatory oversight by the New York State Department of
Financial Services. Reserves for PayPal USD are fully backed by U.S. dollar
deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be
bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.

Issuance and custody of PayPal USD is performed by Paxos Trust Company, LLC.
Learn more in PayPal's Cryptocurrency TermsOpens in a new window, and in the
Paxos TermsOpens in a new window that also apply to PYUSD.

PayPal, Inc. is licensed to engage in virtual currency business activity by the
New York State Department of Financial Services. Buying, selling, transferring,
and holding cryptocurrency with PayPal is not available in Hawaii and where
prohibited by law.

1PayPal USD is not currently available to residents of Hawaii.


Media Relations Contact
Will Burns, wilburns@paypal.comOpens in a new window

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