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Determined to become a major player in the crypto industry, PayPal continues to innovate with its PayPal USD (PYUSD) stablecoin. Aiming to offer fast and cost-effective payment solutions, the company has wisely decided to launch PYUSD on the Solana blockchain. Known for its ultra-fast and low-cost transactions, Solana allows PayPal to expand the use of PYUSD for everyday payments and solidify its position in fintech and cryptocurrencies.
PayPal makes the leap into Solana with its stablecoins
In a masterstroke worthy of the best strategists, PayPal has entered the crypto industry with fanfare with its stablecoin, PayPal USD (PYUSD). In August 2023, this payment giant introduced its precious token, the resultcollaboration with Paxos Trust Company. Originally issued on Ethereum as an ERC-20 token, PYUSD is tightly backed by US dollar deposits and short-term T-bills.
Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency and Digital Currencies at PayPal, provided these details:
” For more than 25 years, PayPal has been at the forefront of digital commerce, revolutionizing commerce by providing a trusted experience between consumers and merchants around the world. PayPal USD was created with a purpose revolutionizing commerce again by providing a fast payment methodeasy and cheap for the further development of the digital economy »
But PayPal didn’t just play around. During Consensus 2024, he made a loud statement: PYUSD lands on the Solana blockchain. with Solana, transactions are faster and cheaperwhich allows the use of PYUSD small daily shopping. A hell of an idea to win hearts and crypto wallets.
” Making PYUSD available on the Solana blockchain supports our goal of creating a stable digital currency designed for commerce and payments. “, adds da Ponte.
PayPal and Venmo wallet users can now Ethereum and Solana juggling, PYUSD conversion as they see fit. Platforms like Crypto.com, Phantom and Paxos were quick to jump at the opportunity to offer PYUSD on Solana, making it easy fiat to cryptocurrency conversion.
PayPal and Solana: Lightning Alliance for Crypto Payments
By targeting Solano, PayPal did great strategic choice. Solana, known for processing massive transactions at breakneck speed and at a ridiculously low cost, turns out to be a strong ally for commercial payments. He can handle up to 65,000 transactions per second at a cost of $0.0025Solana is crushing Ethereum, which lags behind with 15 transactions per second and fees ranging from $1 to $50, Cointelegraph reports.
Sheraz Shere, director of payments at the Solana Foundation, points out: “Thanks to the speed and scalability of the Solana network the ideal blockchain for new affordable, profitable and instant payment solutions. » Data confirm this vision: p Stablecoin transfers worth $1.5 trillion last yearSolana far surpasses 885 billion Ethereum.
Despite several setbacks, including the one on February 9, Solana is preparing for it increase its reliability by updating Firedancer. By joining forces with Solana, PayPal secures the future of its PYUSD stablecoin in the world of digital payments, promising fast, economical and reliable transactions.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.