From Nasdaq: 2024-05-31 13:45:08

PayPal has moved its PYUSD stablecoin to the Solana network, citing speed and low transaction costs. Solana, the fifth-largest cryptocurrency by market cap, is becoming a preferred choice for developers due to its efficiency in stablecoin transfers. PYUSD, backed by the U.S. dollar, is available on major exchanges.

PYUSD is a dollar-pegged stablecoin issued by Paxos Trust Co., designed to offer stability in the volatile crypto market. Stablecoins like PYUSD provide a reliable option for transactions and payments by avoiding price fluctuations commonly seen in other cryptocurrencies.

According to technical indicators from TipRanks, Solana is considered a buy. As PayPal expands the use of PYUSD on Solana, the network’s efficiency and popularity could drive further growth. Stay informed on cryptocurrency prices through TipRanks to navigate the market effectively.

Read more at Nasdaq: PayPal’s (NASDAQ:PYPL) PYUSD Stablecoin Moves to Solana