PayPal Distributes PYUSD to Solana via Confidential Transfer
Paypal is Deployed PYUSD stablecoin on Solana blockchain. Introducing new features, such as confidential transfers, that enhance consumer transactional privacy while maintaining regulatory compliance.
Previously only available on Ethereum, this expansion pack Merchants can guarantee the confidentiality of transaction amounts. This is detailed in a Solana blog post from May 29th.
Added programming features include: A “transfer hook” that allows PayPal developers to run custom programs during PYUSD token transfers. This feature gives your wallet enhanced control over your assets.
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PYUSD was developed by Solana. Fungible tokens using Token Extensions (TE); It offers numerous advantages to stablecoins. This includes reduced time required to develop and test apps, enterprise “plug and play” capabilities, and increased flexibility.
The Solana Foundation emphasized that TE’s open standards used to build PYUSD allow developers to: You can easily integrate PYUSD into your app, experiment, and develop additional features as needed.
PYUSD was launched in August 2023. and, According to publisher Paxos: is It is primarily backed by the U.S. Treasury’s reverse repurchase agreement. The stablecoin’s current 24-hour trading volume is over $18 million.
Overall, deploying PYUSD on Solana provides a solution that benefits both developers and consumers.
PayPal has previously demonstrated its commitment to innovation through joint projects with Energy Web and DMG Blockchain. The project rewards Bitcoin miners for using sustainable energy sources.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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