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PayPal Expands PYUSD Stablecoin to Solana
Online payments giant PayPal has announced that its PYUSD stablecoin has officially launched on the Solana blockchain.
The company revealed the expansion of its stablecoin network in a Press release. The decision would make PYUSD faster and cheaper for people to use.
THE Solana network it is well known for its fast speeds and relatively low transaction costs. Additionally, the development is set to give users more options regarding which blockchain stablecoin to use. The expansion is the first move out of Ethereum (ET) for the PYUSD asset.
1/📣Latest news: @PayPal USD (PYUSD) is active on Solana!
PayPal USD stablecoin issued by @Paxos will leverage Solana and token extensions to serve over 30 million merchants, offering users fast and secure stablecoin transactions. pic.twitter.com/h66iejTv50
— Solana (@solana) May 29, 2024
“Important features to provide to merchants if PYUSD is to grow in its usefulness across broader commercial segments,” PayPal said, noting that the expansion decision was driven by these significant benefits for commercial use cases. “Solana’s role in driving further adoption and demonstrating the utility of PYUSD for everyday use,” the company highlighted, as it seeks to expand use cases for its stable currency offer.
Although Solana (SOL) struggled with interruptions in recent years, its achievements cannot be dismissed. The network processes up to 65,000 transactions in a single second, and those transactions occur at a minimum cost of $0.0025. These values are significantly better than Ethereum’s 15 transactions per second commissions which can reach 50 dollars when the network is congested.