Online payment giant PayPal has announced that its PYUSD stablecoin has officially launched on the Solana blockchain. Indeed, the company unveiled its stablecoin network expansion in a recent press release. There, it was noted that the decision would make PYUSD both faster and cheaper for people to use.
The Solana network is well known for its high speeds and relatively low transaction costs. Moreover, the development is set to give users more options regarding what blockchain they use the stablecoin on. The expansion is the first move outside of Ethereum for the PYUSD asset.
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PayPal Launches Stablecoin on Solana
The digital asset industry has continued to grow through its varied network options and project developments. This facet of the market consistently allows increased competition and innovation, with the most advanced options emerging as the most prominent
Now, one of the more consistent competitions has culminated in a rather surprising development. Specifically, PayPal has officially launched its PYUSD stablecoin on Solana. The decision marks the first move outside of the Ethereum ecosystem for the stablecoin, opting for a cheaper and much faster option.
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PayPal noted the expansion decision was due to the “significant benefits for commerce use cases.” Specifically, it highlighted Solana’s place as “the most used blockchain for stablecoin transfers,” as it seeks to grow the use cases for its stablecoin offering.
Although Solana has struggled with shutdowns in recent years, their results cannot be denied. The network processes as many as 65,000 transactions in a single second. Moreover, those transactions take place at a cost as low as $0.0025. These marks are far superior to Ethereum’s 15 transactions per second, with fees that can reach $50 when the network is congested.