PayPal Adds Stablecoin To Solana Blockchain

Last August, PayPal became the first major financial company to roll out a stablecoin. Labeled PayPal USD, or PYUSD, the coin was issued on the Ethereum blockchain and "fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents." Now, the financial company is adding Solana as an option, "making PayPal's stablecoin faster and cheaper to use." "The Solana blockchain is known for processing massive amounts of transactions at high speeds with extremely low costs, providing significant benefits for commerce use cases," says the company in a press release. "As the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain to run tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases."

Read more of this story at Slashdot.