What Is PYUSD?
PayPal USD (PYUSD) isan open, fully backed, U.S. dollar-denominated stablecoin designed forpayments. It was created to provide the technology suited for next-gen digitalpayments, along with the trust needed for today’s environments.
PYUSD offers near-instant global settlements, low to no-costtransactions, and can be integrated into apps inside and outside of the PayPalecosystem.
PYUSD Is Built for Payments
PYUSD is available for integration and builtfor the next generation of payments, enabling use cases such as:
- Cross-border P2P payments - Consumers can sendPYUSD to eligible persons worldwide with a Solana wallet, and the transfersettles near-instantly and for minimal to no cost.
- B2Btransfers - Using theprogrammable nature of PYUSD, businesses can build their own services to createnear-instant, cost-effective transfers seamlessly across borders, and withrelatively few technological requirements.
- Globalpayouts - PYUSD can reducecomplexity in global payouts by eliminating the complex network of regionalbank accounts, currencies, correspondent banking, and digital wallet rails.
- Microtransactions - PYUSD on Solana willenable merchant platforms to process microtransactions in real time and at alow cost. Web3payments - PYUSD gives Web3merchants, such as NFT marketplaces and blockchain-based gaming platforms,digitally native currencies that connect to traditional fiat bank accounts.
- Web3 payments - PYUSD gives Web3 merchants, such as NFTmarketplaces and blockchain-based gaming platforms, digitally native currenciesthat connect to traditional fiat bank accounts.
PYUSD Is Now Available on Solana
PYUSD is now availableon Solana—the high-performance blockchain network built for finance, payments,blockchain-based online gaming, and more. Solana is one of the most highly adoptedblockchains, with an average of 40.7 million daily user transactions processedin Q4 2023 and an active base of over 2,500 developers.
Solana is:
- Fast, with target block times of ~400ms
- Scalable, with support of up to thousands of transactions per second
- Cost-effective, with median network fees of $0.00064 per transaction
- Designed to be available globally, 24/7
In practice, thismeans that PYUSD transfers on Solana settlenear-instantly, with very low feesregardless of the transaction amount, can scaleto very large user bases for apps, and are available to eligible persons across the globe with an internetconnection.
PYUSD was built usingSolana’s Token Extensions (TEs)—a token standard and set of extensions thatallow the token creator to customize specifically how their token works. TEsare a program, built into the core protocol level of Solana, that provides more than a dozen audited extensions used tocustomize tokens.
PYUSD initializes severaltoken extensions, including transfer hook (allows calling Solanaprograms with each token transfer) and permanent delegate (gives mintowner permissions needed for regulatory purposes). You can see a full list ofinitialized extensions in the PYUSD on Solana whitepaper.
By using TEs, PYUSD gives developers severaladvantages, such as:
- Reduced risk: TEs are audited and well-testedextensions that are an industry standard. By using TE, PYUSD inherits itsenterprise-grade security and reliability.
- Reduceddevelopment and testing: BecauseTEs are reusable standards, the time required to develop and test apps (and thechances of those apps having defects) is significantly reduced.
- Enterprise ready: TEs are plug-and-play ready.They offer a fast, reliable, and proven path to adding blockchain and PYUSD toapps.
- Flexibility: TEs are an open standard, whichallows PYUSD to be integrated and used not only in the PayPal ecosystem, butoutside of PayPal with any compatible wallet, exchange, or library.
How To Get PYUSD
You can get PYUSD in two ways—through majorwallets/exchanges and within the PayPal ecosystem.
First, PYUSD is available for eligible persons to buy,sell, and use within the PayPal ecosystem itself, through the PayPal or Venmowallets. PYUSDis also available on major Solana wallets and exchanges.
When used through the PayPal ecosystem, PYUSDcomes with the trusted consumer protection of PayPal.
Using PYUSD on PayPal
PYUSD can be bought by eligible persons onPayPal and Venmo using both the web and mobile apps. Simply select “Crypto''from the main screen:
Select “Buy” and select PayPal USD (PYUSD).Enter a dollar amount, click “Buy,” and your USD will be exchanged 1:1 for anequivalent amount of PYUSD and deposited to your wallet.
With the PYUSD in your wallet, you can now:
- Send your PYUSD to anothereligible PayPal or Venmo user
- Send your PYUSD to any compatibleuser/wallet external to PayPal
- Convert your PYUSD to another supportedcrypto (for example, Bitcoin)
- Sell your PYUSD back 1:1 for USD
Integrating and Using PYUSD in Your Solana Apps
It’s also easy fordevelopers to acquire and build with PYUSD.
How to acquirePYUSD
For developers, test PYUSD can be acquired for building andtesting apps on Solana’s Devnet through the PYUSD faucet. Note that on Solana, Devnet is the QAnetwork meant for developers to deploy and test programs before moving toproduction, and Testnet is meant only for core Solana developers testingplanned mainnet updates.
And for eligibleusers, because PYUSD was built on the open-source code and the openstandards of Solana’s TEs, it’s compatible with the Solana ecosystem in general, including a wide variety of popular wallets,marketplaces, developer tooling, and platforms. This makes PYUSD out-of-the-boxwidely accessible to eligible users, and a straightforward option for bothmerchants and customers in digital transactions.
How tobuild with PYUSD
Developers can includePYUSD in their custom apps, experiment with PYUSD, and build on top of PYUSD.TEs make it straightforward to acquire, spend, and transfer PYUSD within yourapps.
You can find more information on how tointegrate PYUSD (and Solana Tokens) into your apps and programs in the Solana developer documentation. You can also find more informationincluding technical details and logo files in the PayPal developer documentation.
Get Started Today
When you build with PYUSD, you create apayment experience that is efficient, inclusive, trusted, and ready for the newera of digital commerce.
To get started integrating PYUSD into yourapps today, learn more in our whitepaper, explore the PayPal developerecosystem, and mint test tokens on Solana Devnet.
