MoonPay Integrates PayPal for Enhanced Crypto Purchases in EU and UK; PYUSD Advances on Solana Network
Summary:
MoonPay, a crypto platform, is integrating PayPal for its EU and UK customers to ease cryptocurrency purchases. The move is live for 1% of European users and will soon be available across the region excluding Croatia, Iceland, and Hungary. Also, PayPal introduced its U.S dollar-backed stablecoin, PYUSD, in 2023, which was rolled out on the Solana network in 2024 for higher volume and lower costs. The stablecoin will support confidential transfers, ensuring transaction privacy for merchants while complying with reporting laws.
MoonPay is set to facilitate crypto purchases for its customers in the European Union and the United Kingdom through the integration of PayPal on its platform. This development, which is already active for 1% of its European users, is proposed to be fully operational in the entire region within a few weeks. However, Croatia, Iceland, and Hungary residents are excluded from this service. According to MoonPay, PayPal is the third-preferred payment method in the United States, trailing Apple Pay and traditional bank cards. The company's CEO and co-founder, Ivan Soto-Wright, observes PayPal's potential in making the customer experience easier and hassle-free: "This step will allow us to offer a seamless experience, reducing the entry-level barriers for incoming users worldwide, thus bringing ease and reliability to our expanding clientele." The PayPal option is currently open for MoonPay customers in 48 U.S. states, excluding New York and Texas.
Flashback to August 2023, when PayPal introduced its U.S. dollar-backed stablecoin, PYUSD, which comes with 1:1 cash and short-term cash equivalent backing. Other over-collateralized stablecoins include Circle’s USDT (USDT) and Tether’s USDT (USDT), the latter being the largest stablecoin by market capitalization. Fast forward to May 2024, when PayPal launched PYUSD on the Solana network to take advantage of Solana's high transaction volume and low-cost nature. With its primary presence on Ethereum as an ERC-20 token, the stablecoin was limited by Ethereum's baseline 12-15 transaction rate and expense arising from network congestion.
Soon after migrating to Solana, PayPal disclosed that PYUSD will feature certain "confidential transfers" or privacy options. This ensures that while adhering to reporting regulations, merchants can keep the transaction amount private. Talking about stablecoins, they are digital tokens that mirror fiat currencies, backed by actual money and its equivalents or run by digital algorithms sans cash reserves. They offer liquidity, amplify banking services to underprivileged sectors, reduce transaction expenses, and stand as a proficient solution for cross-border payments.
Published At
6/12/2024 8:00:07 PM
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