PayPal’s PYUSD Stablecoin Deploys Solana Because of High Throughput and Low Fees

PayPal has introduced its PYUSD stablecoin on the Solana blockchain for faster, cheaper transactions.

Nearly a year after launching on Ethereum, PayPal’s stablecoin PYUSD is being introduced on the Solana blockchain.

This move will enable users to choose between multiple blockchain networks, providing greater flexibility and control over their transactions and holdings.

PayPal Brings PYUSD to Solana

According to the official announcement, PayPal highlighted Solana’s ability to handle a massive volume of transactions at high speeds and extremely low costs as a key driver behind bringing PYUSD to the network.

With Solana emerging as the leading blockchain for tokenized transactions and the most utilized for stablecoin transfers, according to blockchain analytics platform Artemis, PayPal said the Layer 1 network presents significant benefits for commerce use cases.

Commenting on the development, Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group, PayPal said,

“PayPal USD was created with the intent to revolutionize commerce again by providing a fast, easy, and inexpensive payment method for the next evolution of the digital economy. Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.”