According to PANews, PayPal has chosen the Solana blockchain to expand its stablecoin, PayPal USD (PYUSD), marking its first expansion beyond the Ethereum ecosystem. The announcement revealed that PYUSD has been added to the Solana network, allowing users to transact at lower costs. This move aims to broaden the use of PYUSD stablecoin as a means of payment for small and everyday purchases.
Jose Fernandez da Ponte, Senior Vice President of PayPal Blockchain, stated in a declaration that offering PYUSD on the Solana blockchain further advances their mission to realize a digital currency with stable value, specifically designed for business and payments.