PayPal's PYUSD stablecoin has been rolled out on the Solana blockchain, according to a Wednesday announcement.
PayPal's Jose Fernandez da Ponte claims that the addition of Soana furthers the company's mission of enabling a stablecoin designed for payments and commerce.
Alex DovbnyaThe announcement about the availability of Solana comes nine months after the initial launch of PayPal's stablecoin. PayPal has already faced regulatory scrutiny over the project, with the U.S. Securities and Exchange Commission targeting it with a subpoena.
The payments giant claims that it chose Solana due to its cost-effectiveness. Moreover, the blockchain makes it possible to enable some unique features that will cement the stablecoin's position by improving its utility. These features include confidential transactions, transfer hooks, and fields.
Gamza KhanzadaevLast September, payments behemoth Visa also enhanced its stablecoin settlement capabilities with the help of Solana-based USDC. Stipe and WorldPay are among other major names that have tapped the blockchain for faster and more efficient payments.
The Solana blockchain has seen a recent surge in popularity due to growing investor enthusiasm for meme coins (such as Bonk and dogwifhat). SOL, the native token of the blockchain, is the fifth-biggest cryptocurrency by market capitalization.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team