PayPal has expanded its PYUSD stablecoin onto the Solana blockchain, introducing a new feature called "confidential transfers." This feature allows merchants to keep transaction amounts confidential while maintaining regulatory visibility.
The move to Solana offers more than just speed; it also enables native support for confidential transfers and token programmability directly on the blockchain. Solana's token extension standard, compatible with SPL tokens, streamlines integration and usage of PYUSD beyond the PayPal ecosystem.
Since its launch in August 2023, PYUSD, primarily backed by U.S. Treasury Reverse Repurchase Agreements, has seen a 50% increase in circulating supply, with a 24-hour trading volume of approximately $18 million. Previously exclusive to Ethereum, PYUSD now has a circulating supply of $400 million, with $5 million on Solana's network.
June 2024, Cryptoniteuae