{"id":422315,"date":"2024-05-29T17:30:22","date_gmt":"2024-05-29T16:30:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=422315"},"modified":"2024-05-29T16:33:48","modified_gmt":"2024-05-29T15:33:48","slug":"paypal-banks-on-solanas-stablecoin-dominance-to-bolster-pyusd-adoption","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/paypal-banks-on-solanas-stablecoin-dominance-to-bolster-pyusd-adoption\/","title":{"rendered":"PayPal banks on Solana&#8217;s stablecoin dominance to bolster PYUSD adoption"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/paypal\/\">PayPal<\/a> said it has expanded its US dollar stablecoin PYUSD to the <a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">Solana<\/a> blockchain network to empower its users with fast, secure, and cheaper stablecoin transactions, according to a May 29 <a href=\"https:\/\/newsroom.paypal-corp.com\/2024-05-29-PayPal-USD-Stablecoin-Now-Available-on-Solana-Blockchain,-Providing-Faster,-Cheaper-Transactions-for-Consumers\">statement<\/a>.<\/p>\n<p>Solana corroborated this development in a separate statement, <a href=\"https:\/\/x.com\/solana\/status\/1795802766700605873\">adding<\/a> that PYUSD holders would enjoy a &#8220;high throughput and speed of settlement&#8221; and a new token extension feature that expands functionality for compliance.<\/p>\n<p><span class=\"xn-person\">Jose Fernandez da Ponte<\/span>, PayPal's Senior Vice President, said:<\/p>\n<blockquote><p>&#8220;Making PYUSD available on the\u00a0<span title=\"\">Solana<\/span> blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.&#8221;<\/p><\/blockquote>\n<p>Experts suggested that the move would aid PYUSD adoption among retail crypto users. Phantom, the most popular Solana-focused crypto wallet service provider, <a href=\"https:\/\/x.com\/phantom\/status\/1795811198341902722\">said<\/a> its users can now buy and transfer PYUSD from their wallets without transaction fees.<\/p>\n<p>Meanwhile, this expansion comes nearly a year after <a href=\"https:\/\/cryptoslate.com\/paypal-launches-erc20-stablecoin-pyusd-with-paxos\/\">PYUSD's debut<\/a> on Ethereum in August 2023. Since then, the stablecoin has recorded <a href=\"https:\/\/cryptoslate.com\/what-happened-to-paypal-stablecoin-pyusd-after-last-years-launch\/\">modest growth<\/a> and attracted <a href=\"https:\/\/cryptoslate.com\/paypal-received-sec-subpoena-regarding-its-usd-stablecoin-reports-reuters\/\">regulatory attention<\/a> from the US Securities and Exchange Commission (SEC).<\/p>\n<p>According to <em>CryptoSlate's<\/em> <a href=\"https:\/\/cryptoslate.com\/coins\/paypal-usd\/\">data<\/a>, PYUSD's market capitalization stood at approximately $400 million as of press time.<\/p>\n<h2 class=\"s3\">Stablecoin powerhouse<\/h2>\n<p>Since the beginning of the year, the Solana blockchain has quietly emerged as a <a href=\"https:\/\/cryptoslate.com\/record-breaking-solana-usdc-volume-signals-growing-stablecoin-dominance\/\">dominant stablecoin network<\/a> thanks to its high transaction speeds and extremely low costs.<\/p>\n<p>PayPal identified this as one of the reasons for its expansion into the blockchain. The company noted that Solana has become the leading platform for tokenized transactions and is ideal for PYUSD as it gains traction in payment use cases among its over 30 million merchants.<\/p>\n<p>Data from blockchain analytics platforms <a href=\"https:\/\/app.artemis.xyz\/stablecoins?stablecoinBreakdown=chain&granularity=monthly&chain=all\">Artemis<\/a> and <a href=\"https:\/\/visaonchainanalytics.com\/transactions\">Visa<\/a> confirms that Solana was the most used blockchain for stablecoin transfers in the past month. The stablecoin supply on this layer-1 network has surged to over $4 billion, with Circle's USD Coin (<a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">USDC<\/a>) making up more than 70% of these assets.<\/p>\n<p>Market observers attribute this growth to the significant influx of capital into the network, driven by the <a href=\"https:\/\/cryptoslate.com\/amid-investor-craze-solana-memecoin-founder-accidentally-burns-10-million-pre-sale-tokens\/\">memecoin frenzy<\/a> and the expanding DeFi activity within the Solana ecosystem.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PayPal said it has expanded its US dollar stablecoin PYUSD to the Solana blockchain network to empower its users with fast, secure, and cheaper stablecoin transactions, according to a May 29 statement. Solana corroborated this development in a separate statement, adding that PYUSD holders would enjoy a &#8220;high throughput and speed of settlement&#8221; and a [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":422327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[76888,78765,75380],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PayPal banks on Solana&#039;s stablecoin dominance to bolster PYUSD adoption<\/title>\n<meta name=\"description\" content=\"Payments company PayPal said it has expanded its stablecoin PYUSD to Solana blockchain for faster transactions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/paypal-banks-on-solanas-stablecoin-dominance-to-bolster-pyusd-adoption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PayPal banks on Solana&#039;s stablecoin dominance to bolster PYUSD adoption\" \/>\n<meta property=\"og:description\" content=\"Payments company PayPal said it has expanded its stablecoin PYUSD to Solana blockchain for faster transactions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/paypal-banks-on-solanas-stablecoin-dominance-to-bolster-pyusd-adoption\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-29T16:30:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-29T15:33:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/pyusd-solana.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/paypal-banks-on-solanas-stablecoin-dominance-to-bolster-pyusd-adoption\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/paypal-banks-on-solanas-stablecoin-dominance-to-bolster-pyusd-adoption\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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