Good News of Solana from Financial Giant PayPal

Payment technology giant PayPal is starting to benefit from the advantages offered by the Solana (SOL) network.

PayPal's stablecoin called PayPal USD (PYUSD), issued by Paxos, is starting to be used on the Solana network after Ethereum. PYUSD entered the market in August 2023.

PayPal has approximately 8,700 users on the Ethereum blockchain and a market cap of just under $400 million. These numbers are dwarfed by issuers like Circle and Tether.

The company aims to increase the use of PYUSD by entering the Solana ecosystem. PayPal chose Solana due to its low cost and high transaction speed.

“PayPal USD will leverage Solana to serve over 30 million merchants and empower them with fast and secure stablecoin transactions,” Solana said.