PayPal Stablecoin (PYSUD) Solana Outshines Supply on Ethereum

August 13, 2024

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The supply of the renowned digital payment platform PayPal (PYUSD) stablecoin on the Solana (SOL) blockchain has outperformed its supply on Ethereum (ETH). As of the latest data, the PYUSD stablecoin on Solana has reached a supply of over 377 million, compared to 356 million on Ethereum.

PYUSD’s Growing Presence

PYUSD, PayPal’s proprietary stablecoin, was initially launched on the Ethereum network in August 2023, where it gained considerable traction. However, in May 2024, nearly a year after its debut on Ethereum, PYUSD expanded to the Solana blockchain. This move was part of PayPal’s broader strategy to enhance the scalability and efficiency of its stablecoin, given Solana’s reputation for high-speed transactions and lower fees compared to Ethereum.

This shift in supply dynamics also underscores the growing importance of blockchain interoperability and the need for stablecoins to operate seamlessly across multiple networks. As the stablecoin ecosystem evolves, we may see more shifts as users seek the most effective platforms for their financial activities.

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Feature and Capabilities of PYUSD

Recall that PayPal announced the launch of its stablecoin called PayPal USD for payment in 2023. PYUSD’s introduction has brought exciting features and capabilities to eligible United States PayPal customers. Users can quickly transfer PYUSD between their PayPal accounts and compatible external wallets.

Additionally, PYUSD enables seamless person-to-person payments, allowing users to send and receive funds using this stablecoin. Once selected as a payment method during checkout, customers can utilize PYUSD to fund purchases. Furthermore, PYUSD’s versatility sets it apart from traditional stablecoins.

Users can redeem PYUSD for U.S. dollars at any time and exchange it for other cryptocurrencies available on the PayPal platform.

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Venmo Introduce PayPal PYUSD

Venmo, a leading peer-to-peer payment platform, has integrated PayPal’s launched stablecoin into its platform. Interestingly, this move is poised to provide users greater flexibility and convenience in managing their finances.

The introduction of PYSUD on Venmo has been a game changer for both platforms. Venmo users can purchase PYUSD and send it to friends and family on PayPal, Venmo, and compatible external wallets. Likewise, users enjoy fast and free transfers between PayPal and Venmo, linking two wallets that serve millions of users collectively.

Meanwhile, PYUSD is not just limited to PayPal and Venmo, and it is rapidly expanding its presence across various facets of the digital finance world.