PayPal, the well-known payments company, has announced that its stablecoin, PayPalUSD (PYUSD), is now expanding onto the blockchain of Solana (SOL), a smart contract platform.

In a press release, PayPal revealed that PYUSD, a crypto asset pegged to the US dollar, is now available on Solana, offering users a cheaper and faster way to transact. Solana’s blockchain is renowned for its ability to process large volumes of transactions at high speeds and low costs, making it an ideal platform for PYUSD in payment use cases.

This move follows PayPal’s recent introduction of a feature that allows consumers to send remittances in the form of PYSUSD to over 160 countries through Xoom, a money transfer service owned by PayPal. According to Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, this feature enables US users of Xoom to fund cross-border money transfers using PYUSD, furthering their goal of promoting widespread adoption of cryptocurrencies while offering a secure and cost-effective way to send money to friends and family.

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