PayPal Brings PYUSD Stablecoin to Solana

Fintech giant PayPal, which launched its PYUSD stablecoin on Ethereum in August 2023, is now expanding its offerings to the Solana blockchain.

The decision to bring the stablecoin to Solana stems from the company’s desire to keep transactions fast and inexpensive. Solana’s cost-effectiveness and high throughput are two of the reasons it was chosen as the site of PayPal’s first expansion.

PayPal touts 426 million users worldwide, and PYUSD’s integration into PayPal and Venmo has introduced stablecoin payments to over 100 million US residents.

PYUSD is the 12th largest stablecoin by market capitalization. It is available on 22 major exchanges and can be used as a payment method on the PayPal and Venmo apps.

The company’s mirror post stated, “Since launch, our intention has been for PYUSD to be multichain as a way to offer users access, choice and flexibility while also scaling the token.”