Online payments giant PayPal has announced that its stablecoin PYUSD is now available on two blockchains – Ethereum and Solana. PayPal USD first launched on the Ethereum network in August last year.
According to the company’s press release, adding the asset to the Solana network will help scale its use for cross-border payments as users will be able to transact at a lower cost.
Solana currently processes up to 65,000 transactions per second, with transfer fees as low as $0.0025. By comparison, the Ethereum blockchain handles up to 15 transactions per second with higher fees that can reach $50 if the network is congested.
The availability of PYUSD on the Solana blockchain furthers our goal of creating a value-stable digital currency for trading and payments,” said José Fernandez da Ponte, Group Senior Vice President of Blockchain, Cryptocurrency and Digital Currency at PayPal, in a statement.
Paypal is not the first payment company to take advantage of the Solana network. Last fall, the Visa payment system announced that it would launch settlements in the USDC stablecoin on the popular blockchain.