PayPal said it has expanded its US dollar stablecoin PYUSD to the Solana blockchain network to empower its users with fast, secure, and cheaper stablecoin transactions, according to a May 29 statement.Solana corroborated this development in a separate statement, adding that PYUSD holders would enjoy a “high throughput and speed of settlement” and a new token extension feature that expands functionality for compliance.Jose Fernandez da Ponte, PayPal’s Senior Vice President, said:“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.”Experts suggested that the move would aid PYUSD adoption among retail crypto users. Phantom, the most popular Solana-focused crypto wallet service provider, said its users can now buy and transfer PYUSD from their wallets without transaction fees.Meanwhile, this expansion comes nearly a year after PYUSD’s debut on Ethereum in August 2023. Since then, the stablecoin has recorded modest growth and attracted regulatory attention from the US Securities and Exchange Commission (SEC).According to CryptoSlate’s data, PYUSD’s market capitalization stood at approximately $400 million as of press time.Since the beginning of the year, the Solana blockchain has quietly emerged as a dominant stablecoin network thanks to its high transaction speeds and extremely low costs.PayPal identified this as one of the reasons for its expansion into the blockchain. The company noted that Solana has become the leading platform for tokenized transactions and is ideal for PYUSD as it gains traction in payment use cases among its over 30 million merchants.Data from blockchain analytics platforms Artemis and Visa confirms that Solana was the most used blockchain for stablecoin transfers in the past month. The stablecoin supply on this layer-1 network has surged to over $4 billion, with Circle’s USD Coin (USDC) making up more than 70% of these assets.Market observers attribute this growth to the significant influx of capital into the network, driven by the memecoin frenzy and the expanding DeFi activity within the Solana ecosystem.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Stay ahead with crypto’s key news and insights. Delivered directly, every day.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Solana’s established dominance tested by Base’s impressive user and transaction surge.Solana’s validators MEV earnings have outsripped that of the Ethereum blockchain.Launched just over a week ago on the Solana blockchain, the MOTHER token has already reached a market capitalization of $186 million.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
