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PayPal’s PYUSD stablecoin is ready to expand onto the Solana blockchain, the payments giant says
Payments giant PayPal says its stablecoin, PayPalUSD (PYUSD), is expanding onto the blockchain smart contract platform Solana (SOL).
In a new company Press releasePayPal says the dollar-pegged cryptoasset PYUSD – launched in August 2023 in partnership 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 speed with extremely low costs, offering significant benefits for commerce use cases.
As the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain for executing tokenized transactions and is ideal for PYUSD as it continues to be used for payments use cases. ”
Last month, PayPal unrolled a feature that would allow consumers to send remittances in the form of PYSUSD to over 160 countries via Xoom, a money transfer service owned by PayPal.
As stated by Jose Fernandez da Ponte, senior vice president of the Blockchain, Cryptocurrency and Digital Currency Group at PayPal at the time,
“Enabling US Xoom users the ability to fund cross-border money transfers using PYUSD builds on our goal of promoting mainstream cryptocurrency adoption, while offering an easy way to securely send money to friends and family at lower cost.”
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