PayPal announced that its stablecoin PYUSD will be launched on Solana! Assist retail payments

After its stablecoin "PYUSD" made its debut on Ethereum in August last year, digital payment giant PayPal's stablecoin is finally about to be launched on the popular public chain Solana, with the goal of providing users with more Fast, lower-cost transactions, focusing on the retail payment market.

Users of Solana, the world’s third most used blockchain, can now use PayPal USD (PYUSD) for cross-border transactions such as remittances and various other transactions, according to a statement issued by PayPal on Wednesday.

Jose Fernandezda Ponte, Senior Vice President of PayPal’s Blockchain, Cryptocurrency and Digital Currency Group, noted in the statement: Offering PYUSD on the Solana chain furthers our goal of providing stability for commerce and payments. digital currency of value.

Listing on Solana is expected to bring more attention to the small PYUSD. Although backed by well-known brands, the asset has not caused a stir since its launch. So far, there are approximately 8,600 holders of PYUSD on the Ethereum chain, with a market value of less than US$400 million, which is still insignificant compared to the two stablecoin giants USDT and USDC.

Jose Fernandezda Ponte added that although PYUSD runs well on Ethereum, if the retail payment market is to develop, it must be able to process at least 1,000 transactions per second, and the cost of each transaction needs to be "Cent" is the unit of calculation, not "USD".

In addition to reducing costs and increasing speed, PYUSD can also use some new functions on Solana that cannot be achieved by Ethereum, such as using the new generation SPL token standard "Token Extension" to make merchants' transfers more convenient. Confidentiality.

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