PayPal Launches PYUSD Stablecoin on Solana Blockchain in $2.6 Trillion Market

May 29, 2024, 01:22 PM

PayPal has officially launched its PayPal USD (PYUSD) stablecoin on the Solana blockchain. This move aims to leverage Solana's high transaction speeds, low costs, and near-instant processing capabilities to serve over 30 million merchants. The PYUSD stablecoin, issued by Paxos, will enable fast and secure transactions, potentially boosting PayPal’s retail adoption. This expansion into Solana comes as part of PayPal's strategy to deepen its presence in the $2.6 trillion payments market. PayPal, the first large financial company to roll out a stablecoin, initially launched PYUSD on the Ethereum blockchain almost a year ago.