PayPal announced today that its PayPal USD (PYUSD) stablecoin is now live on Solana.
In an announcement on Wednesday, the payments platform Said He said the move would “significantly benefit commerce use cases.”
Solana is the blockchain network that powers SOL, the fifth-largest cryptocurrency by market cap. It aims to rival Ethereum by providing a faster network that allows developers to build everything from games to decentralized finance (DeFi) apps.
Its unique selling point is that it’s fast and cheap, allowing transactions to be processed and settled quickly, something PayPal noted in its announcement.
“As the most used blockchain for stablecoin transfers according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain for executing tokenized transactions and continues to be used for payments use cases, making it a great fit for PYUSD,” the announcement said.
José Fernández da Ponte, senior vice president of the Blockchain, Cryptocurrency and Digital Currency Group at PayPal, added: “Making PYUSD available on the Solana blockchain furthers our goal of enabling a stable-value digital currency designed for commerce and payments.”
A stablecoin is a type of digital asset that is pegged to something stable, usually a fiat currency like the dollar. The idea with stablecoins is that cryptocurrency users can store their assets on the blockchain, but they won’t fluctuate in price as much as other assets like Bitcoin.
Editor: Andrew Hayward
