Online payment giant PayPal has announced the official launch of its PYUSD stablecoin on the Solana blockchain. The company revealed this expansion in a recent press release, emphasizing that the move aims to make PYUSD transactions faster and cheaper.
Benefits of Solana Network
Solana is renowned for its high transaction speeds and low costs. This expansion offers users more options for which blockchain to use with the stablecoin. Notably, this is PYUSD’s first venture outside the Ethereum ecosystem, signaling a significant shift for PayPal’s digital asset strategy.
Strategic Decision for Enhanced Commerce Use
PayPal highlighted the substantial benefits for commerce use cases as a key factor in choosing Solana. The company described Solana as “the most used blockchain for stablecoin transfers,” underlining its intent to expand the utility of its stablecoin.
Also Read:PayPal Innovates with Green Rewards for Bitcoin Miners
Solana’s Performance and Reliability
Despite some shutdown issues in recent years, Solana’s performance metrics are impressive. The network can process up to 65,000 transactions per second, with transaction costs as low as $0.0025. These capabilities far exceed Ethereum’s capacity of 15 transactions per second and fees that can soar up to $50 during network congestion.
