SOL-based PYUSD Outpaces Ethereum-based Counterpart in Issuance
CryptoNewsTerminal Staff13 Aug, 2024
SOL-based PYUSD Outpaces Ethereum-based Counterpart in Issuance
PayPal's Solana (SOL)-based PYUSD stablecoin has seen a surge in issuance, surpassing its Ethereum (ETH)-based counterpart. Since its launch on Solana in May, SOL-based PYUSD issuance has reached 377 million, while issuance of ETH-based PYUSD stands at 356 million. This marks a significant milestone for the Solana-based stablecoin, which was first launched in August 2022 on Ethereum with Paxos. The growing popularity of SOL-based PYUSD highlights the increasing adoption of Solana as a platform for stablecoin issuance. Solana's high speed, low transaction fees, and growing ecosystem make it an attractive option for stablecoin issuers and users alike. As the issuance of SOL-based PYUSD continues to grow, it is likely to further fuel the adoption of Solana as a leading platform for digital finance. The success of PYUSD on Solana also demonstrates the growing demand for stablecoins that offer faster and more cost-effective transactions.
