In line with a press release on Could 29, PayPal mentioned it has prolonged its US greenback stablecoin PYUSD to the Solana blockchain community to allow quick, safe and cheaper stablecoin transactions for its customers.
Solana confirmed the event in a separate assertion, including that PYUSD holders may have “excessive throughput and settlement pace” and a brand new token extension function that expands compliance performance.
Jose Fernandez da PontePayPal's Senior Vice President mentioned:
“Making PYUSD accessible to Solana blockchain helps our purpose of enabling a digital forex with steady worth for commerce and cost.
Consultants advised that this transfer would assist the adoption of PYUSD amongst retail cryptocurrency customers. Phantom, the most well-liked Solana-focused cryptocurrency pockets supplier, mentioned its customers can now purchase and switch PYUSD from their wallets with out transaction charges.
In the meantime, this enlargement comes nearly a yr after PYUSD debuted on Ethereum in August 2023. Since then, the stablecoin has seen average progress and attracted regulatory consideration from the US Securities and Trade Fee (SEC).
In line with fromcrypto's In line with the info, the market capitalization of PYUSD was roughly $400 million at press time.
A stablecoin powerhouse
For the reason that starting of the yr, the Solana blockchain has quietly established itself because the dominant stablecoin community because of its excessive transaction speeds and very low prices.
PayPal cited this as one of many causes for its enlargement into blockchain. The corporate famous that Solana has grow to be the main platform for tokenized transactions and is good for PYUSD because it features traction in cost use instances amongst its greater than 30 million retailers.
Information from blockchain analytics platforms Artemis and Visa affirm that Solana was probably the most used blockchain for stablecoin transfers over the previous month. The stablecoin provide on this layer 1 community has grown to greater than $4 billion, with Circle's USD Coin (USDC) accounting for greater than 70% of these property.
Market watchers attribute this progress to a major inflow of capital into the community, fueled by the memecoin craze and increasing DeFi exercise within the Solana ecosystem.
