PayPal’s PYUSD stablecoin is now accessible on the Solana blockchain, a strategic move aimed at enhancing speed and reducing costs for its users.
Originally launched on the Ethereum blockchain nearly a year ago, PYUSD’s addition to Solana provides users with increased flexibility and control. Known for its ability to process a high volume of transactions quickly and affordably, Solana is a favored platform among memecoin issuers and currently ranks as the most utilized blockchain for stablecoin transfers, according to data from Artemis.
Users can purchase PYUSD on Solana via various platforms including the PayPal and Venmo wallets, as well as Crypto.com, Phantom, and Paxos.
Jose Fernandez da Ponte, SVP of blockchain, cryptocurrency, and digital currency group at PayPal, stated, “Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.”