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Cryptocurrency News Articles
PayPal Adds Support for Its Stablecoin (PYUSD) on the Solana Network
May 30, 2024 at 09:56 am
PayPal is a popular American company that handles online payments in most countries. For a few years, PayPal has also allowed buying and selling crypto through its dedicated crypto app.
PayPal has added support for its stablecoin on the Solana (SOL) network, enabling faster and cheaper transactions for its users.
The American online payments giant announced the launch of PayPal USD (PYUSD) on Solana on 29 May 2024.
“PayPal USD stablecoin is now available on Solana, the 2nd blockchain to support PYUSD after Ethereum,” PayPal announced.
“Solana boasts rapid transactions and low costs, making it ideal for commerce. This integration will enable 30m+ merchants to accept PYUSD.”
Solana also celebrated the news of its blockchain integration with PayPal, which will now help merchants accept the PYUSD stablecoin more easily.
“1/? Breaking News: @PayPal USD (PYUSD) is live on Solana!
PayPal USD stablecoin, issued by @Paxos will leverage Solana and token extensions to serve over 30m+ merchants, empowering users with fast and secure stablecoin transactions.”
People usually need to pay between $1 and $50 to transfer any token on the Ethereum network. On the other hand, this cost is reduced to $0.0025 – $0.03 on the Solana network.
Moreover, there is also a big difference in time consumption in the confirmation of transactions between the two networks.
For instance, a transaction that could take a few minutes to process on Ethereum at a higher cost would happen on Solana in a matter of seconds.
Initially, PayPal entered the stablecoin business with the launch of its PYUSD on the Ethereum network in August 2023.
At the time, the PayPal team had reportedly planned to launch Stabelcoin on the Solana network in the initial phase.
However, they changed their mind because of the Solana network outage issues at that time.
Sol coin price action
The current trade price of the Solana (SOL) coin is $168 and this trade price is down by 5.5% over the last 7 days.
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