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Noteworthy developments in the cryptocurrency market continue to make headlines. Recently, PayPal’s PYUSD stablecoin project, launched on Solana, announced it would offer hidden transfers as an additional feature. On May 29, PayPal revealed that its PYUSD stablecoin project, previously available only on Ethereum, would be available on Solana.
Excitement for PYUSD in the Solana Ecosystem
One of the significant extensions for PYUSD, according to a May 29 Solana blog post, is hidden transfers, allowing investors to maintain visibility for regulatory purposes while providing consumers with privacy for transaction amounts. Bitcoin expert Udi Wertheimer shared on X:
“This is very similar to hidden transactions that Bitcoin developers have been working on for almost a decade but never built, and you’re telling me PayPal users will have this feature first?”
Helius Labs CEO Mert Mumtaz explained that PayPal expanded to Solana not just for speed:
“Solana also allows for native hidden transfers and token programmability within the ecosystem. Hidden transfers alone change the game.”
Details on the Subject
Additional programmability includes the ability to call specific programs during each token transfer, providing wallets with more control over the asset. The firm stated that Solana’s token extension standard, which provides compliance frameworks compatible with the SPL token standard, offers various advantages for PayPal’s stablecoin project.
These advantages include reduced development and testing, plug-and-play capabilities ready for institutional use, and flexibility. The Solana Foundation explained:
“Token extensions are an open standard that allows PYUSD to integrate and be used with any compatible wallet, exchange, or library, not just within the PayPal ecosystem.”
PYUSD was launched in August 2023 and is primarily backed by U.S. Treasury Reverse Repo Agreements, according to issuer Paxos. According to CoinGecko, its circulating supply has increased by 50% since the beginning of the year, with a 24-hour trading volume of approximately $18 million.
The stablecoin, issued by Paxos Trust Company, was previously available only on Ethereum. According to Solana’s network researcher, the total circulation is around $400 million, with the current supply on Solana being $5 million.
