Global payment giant PayPal announced that it has integrated its stablecoin PYUSD into the Solana (SOL) network.
PayPal's stablecoin PYUSD is coming to Solana, almost a year after its debut on the Ethereum blockchain, Coindesk reports.
PYUSD has approximately 8,600 holders on the Ethereum (ETH) blockchain and a market cap of under $400,000.
PayPal Blockchain Senior Vice President Jose Fernandez da Ponte said:
“Ethereum works well enough.
But if you're into retail payments like we are, you basically need at least 1000 transactions per second, and transaction costs need to be in cents, not dollars.
That's why we expanded to Solana. Beyond cost and speed, PYUSD also has new superpowers in Solana that are not possible in Ethereum.”
Solana ” said.
1/📣Breaking News: @PayPal USD (PYUSD) is live on Solana!
PayPal USD stablecoin issued by @Paxos will leverage Solana and token extensions to serve over 30m+ merchants, empowering users with fast and secure stablecoin transactions. pic.twitter.com/h66iejTv50
— Solana (@solana) May 29, 2024
*This is not investment advice.
