PayPal (PYPL) has announced that its PYUSD stablecoin is coming to the Solana blockchain almost a year after its initial debut on Ethereum.
This expansion could generate new interest in this crypto asset, which has so far not gained much traction despite its endorsement from a well-known brand.
PYUSD currently has around 8,600 holders on the Ethereum blockchain and a market capitalization of just under $400 million, a small figure compared to its competitors such as crypto-native companies Circle and Tether.
PYUSD and its advantages in Solana
Jose Fernandez da Ponte, Senior Vice President of Blockchain at PayPal, commented:
“Ethereum works pretty well, but if you're interested in retail payments like we are, you basically need at least 1,000 transactions per second, and transaction costs need to be in cents, not dollars.”
In addition to costs and speed, PYUSD has new advantages on Solana that were not possible on Ethereum. It uses Solana's Token Extensions standards, allowing merchants to make transfers more confidentially. This is just one of several compliance and programmability capabilities that PYUSD has.
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