In August 2023, PayPal announced that its US dollar-backed PYUSD stablecoin would be based on etherium.
This week, the financial giant said that in addition to ETH, the Solana network will also be used to host its stablecoins.
Token holders will be able to choose their own blockchains with which to move funds or pay for goods and services.
PayPal’s press office emphasized that Solana has high bandwidth capabilities and charges low transaction fees.
The company believes that the increase in the number of blockchains to host stablecoins sets the stage for a faster transition to digital currencies. PYUSD can be used not only as a means of payment, but also for capital preservation.
PayPal went ahead with the issuance of stablecoin despite the lack of legislation in the U.S. to regulate the cryptocurrency market.