PayPal, the first traditional company to issue a stablecoin, has decided to add its PYUSD asset to the Solana Blockchain.
PayPal launched its Ethereum-based stablecoin in August last year. It then integrated PYUSD into peer-to-peer payment service Venmo. It was stated that the most important factors why PayPal chose the Solana network for stable crypto usage were that the network offered fast and low transaction fees. So much so that the Solana network can currently process over 1,400 transactions per second, while the Ethereum network processes approximately 15 transactions per second.
Solana network continues to gain traction
Solana network, which has recently come to the fore with its memecoin projects, has reached the highest transaction volumes of the last two years. Despite the rapid increase in transaction volume, the smooth operation of the network stands out as an important detail that increases trust in Solana. Because the Solana network has had a very difficult time with network outages in recent years.
PYUSD, issued through Paxos Trust Company, currently has a market value of close to 400 million dollars. While PYUSD currently has a low market cap relative to the market's largest stablecoins, the company is looking to expand the asset's use in consumer payments and emerging markets in Latin America, Southeast Asia and Africa. Additionally, PayPal officials stated that they have plans to integrate PYUSD into more Blockchain networks in the future.
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I EXPLAIN IN DETAIL.
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