PayPal expands PYUSD stablecoin to Solana

Online payment giant PayPal has announced that its PYUSD stablecoin has officially launched on the Solana blockchain.

The company revealed its stablecoin network expansion in a press release. The decision would make PYUSD 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 Ethereum (ETH) for the PYUSD asset.

“Important features to provide to merchants if PYUSD is to grow in its utility to broader commercial segments,” said PayPal, noting the expansion decision was driven by these significant benefits for commerce use cases. “Solana’s role in driving further adoption and proving PYUSD’s utility for daily use,” the company highlighted, as it seeks to expand the use cases for its stablecoin offering.

Although Solana (SOL) has struggled with outages in recent years, its results cannot be rejected. The network processes as many as 65,000 transactions in a single second, and those transactions take place at a cost as low as $0.0025. These marks are way better than Ethereum’s 15 transactions per second, with fees that can reach $50 when the network is congested.