Nearly a year after launching on Ethereum, PayPal's stablecoin PYUSD is being introduced to the Solana blockchain. This move will offer users the ability to choose between multiple blockchain networks, which will provide greater flexibility and control over their transactions and assets. 🌐💱

PayPal stated that the main motivation for bringing PYUSD to the network was Solana's ability to process large volumes of transactions at high speeds and at extremely low costs. Solana has emerged as the leading blockchain for tokenized transactions and the most used network for stablecoin transfers.

PayPal stated that PYUSD was created with the aim of revolutionizing commerce by providing a fast, easy and cheap payment method. Making PYUSD available on the Solana blockchain advances our goal of creating a stable-value digital currency for trade and payments.

However, PayPal's PYUSD faces stiff competition from already established players such as USDT and Circle USDC. While the market values ​​of these stablecoins are $112 billion and $32 billion respectively, the market value of PYUSD is recorded as approximately $400 million.