PayPal’s PYUSD stablecoin, which was recently deployed on Solana, will offer “confidential transfers” as an additional feature.
On May 29, payments platform PayPal announced that it had deployed its
dollar-pegged stablecoin on Solana, having only previously been available on Ethereum.
One notable extension initialized for PYUSD is “confidential transfers,” which will allow merchants to “provide confidentiality for transaction amounts to their consumers while maintaining visibility for regulatory purposes,” according to a May 29 Solana blog post.
Bitcoiner Udi Wertheimer said “This sounds a lot like “confidential transactions,” a feature Bitcoin devs have been larping about for almost a decade but never built, and you’re telling me PayPal users will have it first? LOL,” in a post on X on May 29.
“Paypal did not expand to Solana purely for speed,” CEO of Helius Labs Mert Mumtaz stated before adding:
Additionally, Solana offers native token programmability on the L1 itself as well as private transfers. Just confidential transfers can completely alter the game.
More programmability is provided by “transfer hooks,” which provide wallets additional control over the asset by permitting the calling of particular programmes with each token transfer.
According to the company, the PayPal stablecoin has a number of advantages thanks to Solana’s token extension standard, which enables compliance frameworks that follow the SPL token standard.
These include flexibility, “plug-and-play” capabilities that are ready for the enterprise, and less development and testing.
“TEs [token extensions] are an open standard that enables PYUSD to be integrated and used with any compatible wallet, exchange, or library—not just inside the PayPal ecosystem, but also outside of it,” the Solana Foundation said.
Issuer Paxos states that PYUSD was introduced in August 2023 and is principally supported by U.S. Treasury Reverse Repurchase Agreements.
According to CoinGecko, the stablecoin has about $18 million in 24-hour trading volume and a 50% rise in circulating supply since the start of the year.
Previously, the stablecoin issued by Paxos Trust Company was exclusively accessible on Ethereum. According to Solana’s network explorer, the current supply on the platform is $5 million, and the overall circulation is approximately $400 million.
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