PayPal Makes a Significant Move by Choosing Solana for PYUSD Stablecoin Integration
In a major development, global payment giant PayPal has decided to integrate its stablecoin PYUSD into the Solana (SOL) network. This move comes almost a year after the stablecoin’s debut on the Ethereum blockchain.
According to Coindesk, PYUSD currently has around 8,600 holders on the Ethereum (ETH) blockchain, with a market capitalization of less than $400,000.
Jose Fernandez da Ponte, PayPal’s Blockchain Senior Vice President, explained the rationale behind the integration, stating, “Ethereum works well enough. But if you’re involved in retail payments like we are, you need a minimum of 1000 transactions per second, and transaction costs should be in cents, not dollars. That’s why we expanded to Solana. In addition to cost and speed advantages, PYUSD also possesses new capabilities on Solana that are not possible on Ethereum.”
The announcement was made by Solana on its official Twitter account, stating that PayPal’s USD stablecoin PYUSD is now live on its network. The collaboration between PayPal and Solana will enable over 30 million merchants to benefit from fast and secure stablecoin transactions.
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Disclaimer: This article does not constitute investment advice.