Cryptocurrencies are growing faster due to their strengthened relationship with traditional finance giants. PayPal first launched its stablecoin on the Ethereum network and is now expanding PYUSD to the Solana network. This move by PayPal, which has millions of users, is significant for Solana adoption.
PayPal Announces Solana Expansion
The payment giant PayPal previously launched its stablecoin PYUSD on the Ethereum network. After about a year, it will now launch on the Solana network as well. PYUSD currently has a market value of around 400 million dollars and a 24-hour trading volume of only 12 million dollars. This puts it far behind its competitors USDC and USDT. However, access to more alternative networks could change this.
PayPal’s Senior Vice President of Blockchain, Jose Fernandez da Ponte, commented on the latest development:
“Ethereum works well enough. But if you are interested in individual payments like us, you basically need at least 1000 transactions per second, and transaction costs need to be in cents, not dollars.”
SOL Coin price jumped to the 170-dollar mark following the news, but this news alone was not enough for further gains.
