Krutika Adani
The primary aim of PayPal is to benefit from the low network fees.
Further, with an ongoing memecoin rally, PayPal expects increased PYUSD usage on Solana.
PYUSD has been facing a decline in its market share. On Ethereum, users primarily prefer USDT, USDC, and FDUSD. Solana has comparatively lower competition.
The stablecoin struggles on Ethereum with merely 8,600 holders and a market cap below $400 million.
The PYUSD stablecoin has no cross-chain protocol like USDC, and it is difficult to buy it outside the US.