Payments giant PayPal says that its stablecoin, PayPalUSD (PYUSD), is expanding onto the blockchain of smart contract platform Solana (SOL).
In a new company press release, PayPal says that the dollar-pegged crypto asset PYUSD – which launched in August 2023 in collaboration with the Paxos Trust Company – is now available on Solana, making it cheaper and faster to use.
“The Solana blockchain is known for processing massive amounts of transactions at high speeds with extremely low costs, providing significant benefits for commerce use cases.
As the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain to run tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases.”
Last month, PayPal rolled out a feature that would allow consumers to send remittances in the form of PYSUSD to over 160 countries via Xoom, a money transfer service owned by PayPal.
As stated by Jose Fernandez da Ponte, senior vice president of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, at the time,
“Enabling US users of Xoom the option to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencies while also offering an easy way to securely send money to friends and family at a lower cost.”
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