PayPal's PYUSD Stablecoin Expands to Solana [SOL] Blockchain, Flips Ethereum [ETH] as the Go-to Chain

PayPal’s PYUSD stablecoin, issued by Paxos, operates on the Solana [SOL] blockchain, enabling fast and secure transactions for over 30 million merchants.

PayPal’s stablecoin, PYUSD, has seen remarkable growth on the Solana blockchain, outpacing its presence on Ethereum.

At press time, PYUSD on Solana had a market share of $377 million, compared to $356 million on Ethereum, according to data from DefiLlama.

This growth on Solana is being fueled by several factors, including higher yields from Solana’s decentralized finance (DeFi) protocols, PayPal’s weekly incentives, and a strategic focus on the Solana ecosystem.

Moreover, PYUSD’s rapid expansion on Solana is also driven by the lower transaction costs and faster speeds offered by the blockchain, making it an ideal platform for stablecoins.

This integration of PayPal’s stablecoin with Solana’s high-performance blockchain is expected to further drive the adoption and utility of PYUSD in the digital currency market.

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