PayPal (PYUSD) Stablecoin Demand Surges on Solana Network, Surpassing Ethereum Supply

A new factor showed that demand for PayPal stablecoin on the Solana network surged rapidly over the Ethereum network.

PayPal (NASDAQ:PYPL) introduced PYUSD as a stablecoin pegged to the U.S. dollar, intending to offer a more stable form of money transactions and value storage within the crypto ecosystem.

This stablecoin was initially launched on Ethereum (CRYPTO:ETH), and with that, PYUSD quickly became an important part of decentralised finance (DeFi) systems and various crypto wallets operating on the Ethereum network.

However, the latest data showed that the supply of PayPal USD (PYUSD) on the Solana (CRYPTO:SOL) blockchain has now surpassed its supply on Ethereum by over 5.6%.

This shift highlights the growing popularity and adoption of Solana as a preferred network for PYUSD.

As we know, the transaction fees on the Ethereum network remained relatively high, and the network faced scalability challenges, Solana emerged as an attractive alternative.

Solana, known for its high throughput, low fees, and fast transaction times, began to attract more projects and users, including those holding and transacting in PYUSD.

This is a notable milestone for the Soalan blockchain network, as it suggests that more users and developers are choosing Solana for its efficiency and cost-effectiveness.

Solana Price Action: At the time of writing, Solana was trading at $144, down 1.28% over the last 24 hours.

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