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PayPal’s stablecoin arrives on the Solana blockchain
PayPal’s PYUSD is now available on the Solana blockchain in a move that the company says will make its stablecoin faster and cheaper to use.
PayPal launched PYUSD on the Ethereum blockchain almost a year ago, but is now adding Solana as an option, giving users flexibility and control.
Solana is known for processing huge amounts of transactions at high speed and at low cost. Popular among memecoin issuers, it is also the most used blockchain for stablecoin transfers, according to Artemis data.
In addition to PayPal and Venmo wallets, people can purchase PYUSD on Solana via Crypto.com, Phantom, and Paxos.
Jose Fernandez da Ponte, SVP, Blockchain, Cryptocurrency and Digital Currency Group, PayPal, says: “Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with stable value designed for commerce and payments.”