American multinational payments company PayPal has announced the expansion of its PYUSD stablecoin to the Solana network. PayPal’s choice of the Solana blockchain is a deliberate decision to increase scalability via the network, capable of up to 65,000 transactions per second.
PayPal is also trying to increase the use cases for its stablecoin. With many wondering which cryptocurrency to buy as the market is heating up, the latest news is likely to drive many towards Solana. The giant payment company hopes that the PYUSD crypto can become a popular option among users looking to make small payments and other daily transactions. Use cases may also expand to easy international and peer-to-peer payments.
PayPal launched the PYUSD stablecoin on the Ethereum blockchain last August. The cryptocurrency, which complies with Ethereum’s ERC-20 token standard, is issued by Paxos Trust Company, a licensed limited purpose trust company under the administration of the New York State Department of Financial Services . PayPal received a BitLicense from the NYDFS in June 2022 and launched the stablecoin a year later.
Anti Prom wants to be an alternative to Pride The celebration, held at the new U.N. Plaza skate park, will provide a space for queer San Franciscans to ‘reset’ amid heavy societal and political pressures The PYUSD stablecoin is in fierce competition with several other dollar-backed stablecoins in the crypto market. According to data from CoinMarketCap, PYUSD is the 177th largest digital asset in the sector. The stablecoin also has a circulating supply of 399.1 PYUSD, equal to the same value in US dollars. Furthermore, PYUSD has a market capitalization of $398.25 million. Unfortunately, this pales in comparison to major stablecoins that compete with PYUSD.
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