PayPal Adds Support for PYUSD Issuance on Solana

IconCryptoNewsTerminal Staff29 May, 2024

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PayPal Adds Support for PYUSD Issuance on Solana

PayPal has just announced its support for the issuance of PYUSD on Solana (SOL). This enables users to redeem their PYUSD for SOL via crypto.com, Phantom, and Paxos. Launched last year by PayPal, PYUSD is a dollar-pegged stablecoin. The move to support its issuance on Solana is a significant step for PayPal as it expands its reach into the decentralized finance (DeFi) space. It also benefits Solana by increasing the utility and adoption of its blockchain. For users, the ability to redeem PYUSD for SOL directly through these platforms provides greater flexibility and convenience. It eliminates the need for intermediaries and simplifies the process of converting between fiat and cryptocurrencies.

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