PayPal's PYUSD stablecoin, which is built on the Solana blockchain, has surpassed its supply on the Ethereum network.The PYUSD stablecoin was launched by PayPal in June 2023 as part of its efforts to expand its presence in the cryptocurrency market.
The increased adoption of PYUSD on Solana can be attributed to the blockchain's faster transaction times and lower fees compared to Ethereum. As more users and merchants embrace PYUSD for transactions and settlements, the demand for the stablecoin on Solana has grown, leading to its supply exceeding that on Ethereum.
This development highlights the ongoing competition between different blockchain networks to attract stablecoin projects and the growing importance of factors such as scalability and cost-effectiveness in the adoption of digital assets. It also underscores PayPal's commitment to leveraging blockchain technology to enhance its payment services and reach a wider audience in the cryptocurrency space.Read more on The Block
PayPal’s Solana Stablecoin Surpasses Ethereum Supply
