PayPal, the payments giant, has announced that its stablecoin, PayPalUSD (PYUSD), is now expanding onto the blockchain of the smart contract platform Solana (SOL).
In a press release, PayPal stated that the dollar-pegged crypto asset PYUSD, which was launched in collaboration with the Paxos Trust Company in August 2023, is now available on Solana. This move aims to make PYUSD cheaper and faster to use.
The Solana blockchain is renowned for its ability to process large volumes of transactions at high speeds and low costs, making it ideal for commerce use cases. According to data from blockchain analytics platform Artemis, Solana is the most widely used blockchain for stablecoin transfers, making it the leading choice for tokenized transactions and a suitable match for PYUSD’s payment use cases.
Last month, PayPal introduced a feature that allows consumers to send remittances in the form of PYSUSD to over 160 countries through Xoom, a money transfer service owned by PayPal.
Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, explained that enabling US users of Xoom to fund cross-border money transfers using PYUSD aligns with PayPal’s goal of driving mainstream adoption of cryptocurrencies while providing a secure and cost-effective method for sending money to friends and family.
Please note that this article does not constitute investment advice, and individuals should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at one’s own risk, and any resulting losses are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor.
