Online payment giant PayPal has announced the official launch of its PYUSD stablecoin on the Solana blockchain.

The company detailed this stablecoin network expansion in a press release. This move aims to make PYUSD faster and more cost-effective for users.

The Solana network is recognized for its high speeds and relatively low transaction costs. This development provides users with more options regarding which blockchain they can use for the stablecoin. Notably, this marks the first expansion of PYUSD beyond Ethereum.

PayPal USD (PYUSD), issued by Paxos, will now leverage Solana and its token extensions to serve over 30 million merchants, enabling fast and secure stablecoin transactions.

PayPal emphasized that this expansion is crucial for increasing PYUSD’s utility in broader commercial segments. The company highlighted Solana’s role in driving further adoption and proving the stablecoin’s utility for daily use.

“Important features to provide to merchants if PYUSD is to grow in its utility to broader commercial segments,” said PayPal.

Although Solana has experienced outages in recent years, its performance remains noteworthy. The network can process up to 65,000 transactions per second, with transaction costs as low as $0.0025. These figures are significantly better than Ethereum’s 15 transactions per second, with fees that can reach up to $50 during network congestion.

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