Solana (SOL) is the latest network to welcome PayPal’s United States dollar-pegged stablecoin PYUSD.
According to a recent X post, PYUSD has gone live on the Solana blockchain, making it one of the top networks that have showcased its support to the stablecoin. This new collaboration is beneficial for both PayPal and Solana with potentials for millions of users to gain access to the token with guaranteed speed.
Specifically, this new integration provides PayPal with the opportunity to leverage Solana and token extension to serve more than 30 million merchants globally while offering users transactions at a lower cost. This marks a milestone for USD-pegged stablecoin as it is its first move beyond the Ethereum ecosystem.
It is also an expansion of the utilization of PYUSD stablecoin as a payment method for small and daily purchases. Since its launch, PayPal USD has found new ways to evolve in a bid to compete with dominant alternatives like Tether (USDT) and USD Coin (USDC).
Xoom, PayPal’s cross-border money transfer service recently launched a new funding option that will allow U.S. users to finance international transfers using PYUSD. Users are exempted from paying any transaction fees when using PayPal USD to fund eligible transfers to recipients in over 160 countries.
With the volume activities usually recorded on Solana, this move may impact positively on PYUSD market outlook. Over time, Solana is known to process over 5,000 transactions per second which cost only about $0.0025. Compared to Ethereum’s 15 transactions per second with higher fees, which may vary from $1 to $50 during periods of congestion, Solana offers significantly cheaper fees.
For more context, the same transaction that could take a few minutes to process on Ethereum at a higher cost, would happen on Solana in a matter of seconds. PayPal’s senior vice president of blockchain, Jose Fernandez da Ponte, stated that “Making PYUSD available on the Solana Blockchain furthers our mission of enabling a digital currency with a stable value designed for commerce and payments.”
Consequently, PayPal and Venmo wallet users will get to enjoy a chain-agnostic experience. This means that PYUSD balances will be unified regardless of the network holding the assets.
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