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PDAX Switches Support to PYUSD on Solana

Photo for the Article - PDAX Switches Support to PYUSD on Solana

The announcement comes through an email sent to PDAX users.

Virtual asset service provider (VASP) Philippine Digital Asset Exchange announced that it will switch support for $PYUSD from the Ethereum Network to Solana starting on July 8, 2024.

What’s the Significance: The switch from Ethereum to Solana could offer $PYUSD traders on PDAX lower fees and faster transactions.  

Driving the news: 

  • PDAX first listed $PYUSD on Ethereum in November 2023. 
  • The reason for the switch is undisclosed. 
  • After July 8, 8:00 a.m., the remaining $PYUSD on the Ethereum network owned by PDAX traders will be automatically converted to $PYUSD on the Solana network.

Key Quote

“For users with PYUSD on the Ethereum network tokens on PDAX, don’t worry, your assets aren’t going anywhere. Users with PYUSD on the Ethereum network can still do regular trading activities with the respective token network before July 8, 2024 8:00 AM.”

Philippine Digital Asset Exchange
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What’s next: After the switch, the wallet address for depositing $PYUSD from other wallets to PDAX will change and the fees are expected to decrease.  

What is $PYUSD? 

  • PayPal USD ($PYUSD) is a stablecoin that was launched through a partnership between payment platform giant PayPal and the cryptocurrency firm Paxos.
  • It was initially available on the Ethereum Network. Then last May, the asset was also made available on the Solana Network. PayPal cited Solana’s faster transaction times and cheaper cost.
  • $PYUSD is a dollar-pegged stablecoin, which means that its value is pegged 1:1 to U.S. dollars, backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. 
  • Users can buy and sell the asset using their PayPal balance, a PayPal-linked debit card or bank account, and crypto exchanges. 
  • Consequently, $PYUSD can be sent outside of PayPal to Ethereum and Solana wallet addresses.

Worth reading: PY USD – PayPal USD Stablecoin Now Available in PDAX

This article is published on BitPinas: PDAX Switches Support to PYUSD on Solana

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