Solana
PayPal’s PYUSD Stablecoin Set to Expand to Solana Blockchain, Payments Giant Says
Payments giant PayPal says its stablecoin, PayPalUSD (PYUSD), spans the blockchain of the smart contract platform Solana (GROUND).
In a new company Press releasePayPal says the dollar-pegged crypto asset PYUSD – launched in August 2023 in collaboration with Paxos Trust Company – is now available on Solana, making it cheaper and faster to use.
“The Solana blockchain is known for processing massive amounts of transactions at high speeds and extremely low costs, providing significant benefits for commercial use cases.
As the most widely used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has become the leading blockchain for executing tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases.
Last month, PayPal deployed a feature that would allow consumers to send funds in the form of PYSUSD to over 160 countries via Xoom, a money transfer service owned by PayPal.
As Jose Fernandez da Ponte, Senior Vice President of Blockchain Group, Cryptocurrency and Digital Currency at PayPal, said at the time:
“Allowing US Xoom users to fund cross-border money transfers using PYUSD builds on our goal of driving widespread adoption of cryptocurrencies while providing a simple way to send money safely to your friends and family at a lower cost.”
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