Crypto

PayPal to offer confidential transfers via Solana blockchain

PayPal to offer confidential transfers via Solana blockchain

PayPal is launching its stablecoin on Solana and will reportedly offer greater privacy

PayPal announced on May 29 that its dollar-pegged PYUSD stablecoin, recently deployed on Solana, will provide customers with a new feature to make “confidential transfers” on the platform.

According to a May 29 Solana blog post, the extension will authorize vendors to “provide confidentiality for transaction amounts to their consumers while maintaining visibility for regulatory purposes.”

Bitcoin specialist Udi Wertheimer commented, “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 May 29 X post.

Mert Mumtaz, CEO of Helius Labs, expressed, “[PayPal] didn’t expand to Solana purely for speed. Solana also allows confidential transfers and token programmability natively on the L1 itself. Confidential transfers alone are a game-changer.”

Additional features include “transfer hooks,” which offer users more control over wallet assets by giving them the ability to call different programs with each transfer.

The Solana Foundation explained its token extension standard, which offers various advantages for PayPal’s stablecoin. “TEs [token extensions] are an open standard that allows PYUSD to be integrated and used not only in the PayPal ecosystem, but outside of PayPal with any compatible wallet, exchange, or library.”

According to Paxos, the issuer of the PYUSD stablecoin that was launched in August 2023, it’s backed largely by US Treasury Reverse Repurchase Agreements.

Data from CoinGecko shows the supply of PYSUD, which was formerly only offered on Ethereum, has grown by 50% since the start of 2024 and currently has about $18 million in 24-hour trading volume. The current supply on Solana is $5 million, with a total circulation of about $400 million.

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