After Ethereum, PayPal added support for its stablecoin on the Solana network.
PayPal is a popular American company that handles online payments in most countries. For a few years, PayPal has also allowed buying and selling crypto through its dedicated crypto app. Last year, PayPal lost 35% of its market share in the financial sector.
On 29 May 2024, PayPal announced the launch of PayPal stablecoin (PYUSD) on the Solana network. This means that now people can easily transfer PYUSD stablecoin on the Solana network at a very small transaction fee, which was very high on the Ethereum network.
PayPal USD has launched on @Solana!
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Solana, 2nd blockchain to support PYUSD after Ethereum, boasts rapid transactions & low costs, ideal for commerce. Seamlessly connect PayPal accounts for fiat-to-crypto ease.
Learn more: https://t.co/dXpfOxWnNC pic.twitter.com/eTcq4imDso
— PayPal (@PayPal) May 29, 2024
The Solana network team also celebrated this news of blockchain integration and stated that it will now help 30 million merchants globally to accept PYUSD stablecoin more easily.
Usually, people need to pay $1 to $50 to transfer any token on the Ethereum network but on the other hand, this cost is reduced to $0.0025 – $0.03 on the Solana network. So here we can see the difference between using the same token on two different networks.
Alongside the network fee difference, there is another big difference in time consumption in the confirmation of transactions. For more context, the same transaction that could take a few minutes to process on Ethereum at a higher cost would happen on Solana in a matter of seconds.
In the initial phase, PayPal stepped in the stablecoin business with the launch of its PYUSD on the Ethereum network, in Aug 2023.
It is worth it to note that reportedly the PayPal team had planned to launch Stabelcoin on the Solana network in the initial phase but they changed their mind because of the Solana network outage issues at that time.
Sol coin price action
The current trade price of the Solana (Sol) coin is $168 & this trade price is 5.5% down over the last 7 days.
Read also: 50% of Americans want to include crypto in their portfolio: Survey
PayPal launches its stablecoin on Ethereum’s rival blockchain Solana (Sol)
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