DeFi
PayPal Brings PYUSD Stablecoin to Solana
PYUSD is the 12th largest stablecoin with a market capitalization of $400 million.
Fintech giant PayPal, which launched its stablecoin PYUSD on Ethereum in August 2023, is now extending its offering to the Solana blockchain.
The decision to bring the stablecoin to Solana stems from the company’s desire to keep transactions fast and inexpensive. Solana’s profitability and high throughput are two of the reasons it was chosen as the site for PayPal’s first expansion.
PayPal claims 426 million users worldwide, and the integration of PYUSD into PayPal and Venmo introduced stablecoin payments to over 100 million US residents.
PYUSD is the 12th largest stablecoin by market capitalization. It is available on 22 major exchanges and can be used as a payment method on the PayPal and Venmo apps.
Stablecoins ranked by market capitalization
The company’s mirror position declared“Since launch, our intention has been for PYUSD to be multi-chain to provide users with access, choice, and flexibility while scaling the token.”