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What Is The New PYUSD Launched By PayPal And Solana

Cryptocurrencies have been around for quite some time now, but until very recently, they have been a currency on the margins. Everyone has heard of them, and many people are skeptical about their long-term liability. However, recent developments, including the New York Stock Exchange’s plans for a cash-settled Bitcoin option with the price tracking CoinDesk Bitcoin Price Index, have brought new respectability to the non-fiat currency market. Crypto entered a new era after the SEC approved the creation of exchange-traded funds that would allow easy investment in Bitcoin. In January, the regulator authorized eleven fund managers, including BlackRock, VanEck, Valkyrie, and GrayScale, to offer new crypto investment products.

At the time of the announcement, Jon Herrick, Chief Product Officer of the New York Stock Exchange, said,

“As traditional institutions and everyday investors are demonstrating their wide-ranging enthusiasm for the recent approval of spot bitcoin ETFs, the New York Stock Exchange is excited to announce its collaboration with CoinDesk Indices.  Upon regulatory approval, these options contracts will offer investors access to an important liquid and transparent risk-management tool.”

However, it is not only Bitcoin that is in the spotlight as crypto moves to center stage. PayPal, which has been at the forefront of payment and fintech developments for decades, has also launched itself into the crypto market with PayPal USD (PYUSD). This stablecoin is available to eligible US PayPal users. They describe it as a currency backed by secure and highly liquid assets that US users can buy, sell, hold, and transfer using the PayPal app and website.

These two developments seem to be ringing endorsements for crypto, but PayPal is keen to stress that ‘investments can go down as well as up’.

In fact, their terms and conditions say:

“Buying and selling Cryptocurrencies is inherently risky and speculative. You could lose the entire amount you have paid as the value of Cryptocurrencies is very volatile and unpredictable. The value of cryptocurrency can change significantly, including going up or down significantly in a short amount of time, and it may not be possible to buy or sell it when you want to. It is hard to value Cryptocurrencies reliably. You must only buy the value of cryptocurrency, which makes sense for your budget and which you can afford to lose.”

The information on their website claims to be for ‘educational purposes only’, and they go on to add that they do not endorse this type of cryptocurrency – despite having partnered with blockchain providers. So while crypto is gaining respectability, it does still appear to be somewhat of a gamble for investors. PayPal recommends that customers seek tax and financial advice from licensed professionals. Therefore, people looking for a gamble rather than a serious investment might consider a punt at an online casino. PayPal has its customers covered there, too, and gambling experts can recommend the PayPal casino in Canada for players wanting a real money flutter. So, whether it is slots, poker, or live dealer games, there are plenty of online games to play that allow you to pay with PayPal.

PayPal’s USD stablecoin is a cryptocurrency backed by US dollar deposits, treasuries, and cash equivalents. One PYUSD can be bought and sold on PayPal for one USD, and the cryptocurrency service is only available to PayPal personal account holders. At the end of May, PayPal announced that as well as being available on the Ethereum blockchain, their cryptocurrency would be available on Solana, claiming this would provide faster, cheaper transactions for customers.

Solana is a blockchain known for its ability to process a massive number of transactions at incredibly high speeds with very low costs. This makes it very attractive in a commercial environment. Blockchain analytics platform Artemis’ data shows that Solana is the most used blockchain for transferring stablecoins. The blockchain has emerged as the leader in tokenized transactions, making it the ideal partner for PayPal’s foray into crypto transactions.

“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.”

Sheraz Shere, GM of Payments at the Solana Foundation, added,

“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous. Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.”

PayPal claim that the simplified experience of Venmo and PayPal wallets showing PYUSD as a single balance regardless of which blockchain has issued the currency makes it easier to use. When users are transferring out to external wallets, they have the choice to send their PYUSD on either Ethereum of Solana., Phantom and Paxos are three of the first places to purchase PYUSD on Solana. This has enabled a seamless fiat-to-crypto experience for customers and businesses.

Only time will tell if cryptocurrencies will replace fiat ones, but PayPal is hedging its bets and are making sure it does not miss out on current trends and opportunities.