PayPal, the leading payments company, has announced that its stablecoin, PayPalUSD (PYUSD), will now be available on the blockchain of smart contract platform Solana (SOL). In a recent press release, PayPal stated that the dollar-pegged crypto asset PYUSD, which was launched in collaboration with the Paxos Trust Company in August 2023, can now be used on Solana, offering users a more cost-effective and faster experience.

The Solana blockchain is well-known for its ability to process a large volume of transactions at high speeds and with low costs, making it ideal for PYUSD in various commerce use cases. According to data from blockchain analytics platform Artemis, Solana is currently the most used blockchain for stablecoin transfers, making it the top choice for tokenized transactions and a perfect fit for PYUSD’s payment use cases.

Last month, PayPal introduced a feature that enables consumers to send remittances in the form of PYSUSD to over 160 countries through Xoom, a money transfer service owned by PayPal. This initiative aligns with PayPal’s goal of driving mainstream adoption of cryptocurrencies and providing a secure and cost-effective way for users to send money to friends and family.

According to Jose Fernandez da Ponte, senior vice president of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, the integration of PYUSD with Xoom allows US users to fund cross-border money transfers easily, further supporting the company’s mission.

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