-PayPal has launched a stable coin in Solan
a, a year after it was released on Ethereum.The price of #sol has been declining as its volume has grown.
#Solana [SOL] has seen a strong surge in activity since the beginning of this year. But in the past few days, Solana's growth has slowed down.
The new launch of a stable coin in Solana may revive interest in the network in the future. #Paypal payment giant Paypal PYSD stablecoin is entering the Solana market almost 1 year after its debut on the #EarnFreeCrypto2024 blockchain.
The announcement could spark renewed interest in the modestly sized crypto asset, which has yet to gain widespread adoption despite its known support.
PayPal's official statement cited Solana's ability to quickly process large volumes of transactions at very low costs as the main reason attracting #PYUSD to the network.
According to analytics platform Artemis, Solana has become the leading blockchain for tokenized transactions and stable coin transfers. PayPal noted that Solana offers significant advantages for commercial use.
PayPal launched the PYUSD stablecoin on May 8 last year, making it one of the first major U. S. financial services companies to do so despite regulatory uncertainty. 1
Stablecoin is designed to simplify virtual payments by enabling fast money transfers and international transactions. It was designed to facilitate direct access for developers and creators to PayPal's digital assets.
The emergence of PYUSD was welcomed by industry experts and competitors, including tether CEO Paolo Arduino.
However, the US Securities and Exchange Commission (SEC) later issued a subpoena to PayPal over the stablecoin initiative.
In addition to regulatory scrutiny, PYUSD faces stiff competition from established players such as USDT and Circle USDC, which have market cap of $11.2 billion and $3.32 billion respectively, while PYUSD's market cap is around $ 44.400 million.
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