Solana
PayPal’s PYUSD stablecoin lands on Solana
PayPal launched its stablecoin PYUSD on the Solana blockchain to capitalize on the network’s high-speed, low-cost transactions.
THE announcement Wednesday marks PayPal’s first foray beyond the Ethereum network, where PYUSD was initially introduced.
The integration, made possible through collaborations with Crypto.com, Phantom and Paxos, the issuer of PYUSD, aligns with PayPal’s long-term strategy to strengthen its position in the cryptocurrency market.
Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, crypto and digital currencies, sees the expansion as a milestone in the company’s decade-long journey in the crypto space.
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with stable value designed for commerce and payments,” he said.
Solana has been in the public spotlight recently, particularly for its ability to handle high throughput driven by memecoins, as well as the recent wave of celebrity tokens like Iggy Azalea and Caitlyn Jenner.
The blockchain’s high rate of transactions per second, for fees of around US$0.0025, presents an alternative to Ethereum’s 15 transactions per second and higher costs.
This advantage should make PYUSD a more practical choice for everyday and minor transactions.
Although no new products have been introduced following the expansion, PayPal is exploring potential applications for PYUSD, including its cross-border payments service, Xoom.