Online payment giant PayPal announced that its PYUSD stablecoin has been officially launched on the Solana blockchain.
The company announced the expansion of its stablecoin network in a press release. The decision will make PYUSD faster and cheaper for people to use.
The Solana network is known for its fast speeds and relatively low transaction costs. Moreover, the development is set to give users more options on which blockchain to use the stablecoin on. The expansion is the first move for the PYUSD asset outside of Ethereum (ETH).
1/đź“ŁBreaking News: @PayPal USD (PYUSD) is live on Solana!
PayPal USD stablecoin issued by @Paxos It will leverage Solana and its token extensions to serve over 30 million merchants, providing users with fast and secure stablecoin transactions. pic.twitter.com/h66iejTv50
— Solana (@solana) May 29, 2024
“These are important features that need to be provided to merchants if the utility of PYUSD to broader merchant segments is to increase,” PayPal said, noting that the decision to expand was driven by these significant benefits for commercial use cases. The company highlighted “Solana’s role in proving the usefulness of PYUSD in everyday use and encouraging further adoption” as it looks to expand the use cases of its stablecoin offering.
Although Solana (SOL) has been plagued by cuts in recent years, its consequences are undeniable. The network processes up to 65,000 transactions in a single second, and these transactions occur at a cost of as little as $0.0025. These signals are much better than Ethereum’s 15 transactions per second, with fees that can reach $50 when the network is congested.