PayPal’s (NASDAQ:PYPL) PYUSD stablecoin has moved to Solana (SOL-USD), which can be considered a power move in the crypto world. Their U.S. dollar-pegged stablecoin, PYUSD, is now spreading its reach beyond the initial Ethereum launch in 2023.
In a Wednesday announcement, PayPal laid out why they’re bringing PYUSD to Solana, highlighting the network’s speed and dirt-cheap transaction costs. Solana backs the fifth-largest cryptocurrency by market cap, SOL, and aims to give Ethereum a run for its money with faster and more affordable services for developers working on everything from games to DeFi apps.
PayPal’s not just blowing smoke. According to them, Solana is the “most used blockchain for stablecoin transfers,” per blockchain analytics from Artemis. They’re betting on Solana’s efficiency to make PYUSD the go-to for everyday transactions.
What’s the Deal with PYUSD?
For the uninitiated, PYUSD is a dollar-pegged stablecoin that PayPal launched last year, issued by Paxos Trust Co. The stablecoin is tied to the U.S. dollar, and is backed by cash equivalents and short-term treasuries, keeping it stable in the wild crypto market. Users can already snag PYUSD on top exchanges like Crypto.com, Coinbase (NASDAQ:COIN), and Kraken.
Stablecoins like PYUSD are designed to maintain a stable value, making them perfect for transactions and payments. They let you keep assets on a blockchain without the rollercoaster price swings typical of other cryptocurrencies.
Is Solana a Buy?
According to TipRanks’ Summary of Technical Indicators, Solana is a Buy.
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