Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
PayPal revealed that it has launched its PayPal USD (PYUSD) stablecoin on the Solana (SOL) blockchain.
The move aims to ensure cheap and faster transaction settlement for PYUSD users.
PayPal USD has launched on @Solana!
Solana, 2nd blockchain to support PYUSD after Ethereum, boasts rapid transactions & low costs, ideal for commerce. Seamlessly connect PayPal accounts for fiat-to-crypto ease.
Learn more: https://t.co/dXpfOxWnNC pic.twitter.com/eTcq4imDso— PayPal (@PayPal) May 29, 2024
“The Solana blockchain is known for processing massive amounts of transactions at high speeds with extremely low costs, providing significant benefits for commerce use cases.”
PYUSD will utilize Solana’s capabilities to serve more than 30 million merchants, empowering retailers with secure and quick stablecoin transactions.
PayPal taps Solana to streamline retail transactions
According to the press release, Solana’s low cost and transaction speed attracted PayPal.
Meanwhile, data from CoinGecko shows Solana as the fastest blockchain, processing over 1,000 transactions per second.
That saw Solana taking the crown as an “Ethereum killer”, eclipsing Ether’s 22.8 transactions per second.
That speed remains vital for retail transfers, which need a minimum of 1,000 transactions per second.
PayPal’s Jose Fernandez da Ponte expressed confidence in Solana (despite frequent outages). He stated,
“Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments.”
Moreover, Solana seems to have recovered from prolonged downtimes, with the latest disruption taking only five hours.
The GM of Payments at Solana Sheraz Shere believes the blockchain’s scalability and speed make it perfect for cost-effective, instantaneous, and accessible payment solutions.
Shere trusts adoption from industry players such as PayPal “helps realize the next generation of fintech innovation.”
Financial giants like Stripe, WorldPay, and Visa continue to select Solana blockchain, tapping a resilient and scalable platform.
PayPal launched the USD-backed PYSUD to support digital payments & web3 initiatives.
The stablecoin represented a crucial move in bridging traditional finance and decentralized finance.
PYUSD had its market cap at $398.39 million during this publication. That’s massively lower than Tether’s (USDT) $111.88 billion.
Solana attracts institutional investments
Solana has dominated the crypto scene, attracting interest from institutional investors. Year-to-date flows into the altcoin came at a staggering $26 million.
🚀 Solana's soaring with $26M in YTD inflows, proving it's the alt scene's darling! 💥 SOL hits 2023 highs amid a budding altcoin season & DeFi growth. Is #Solana leading the next alt wave? 🌊
— DamnDaniel (@dgbaran02) March 21, 2024
Experts believe Solana’s robust technology, which ensures low transaction fees and high scalability, attracts institutional players.
Solana price outlook
SOL price displayed recoveries at press time, up 1.37% over the past day to trade at $169.28.
Institutional integration shows investor confidence in Solana’s potential, a recipe for stable long-term growth.
The post Just in: PayPal’s stablecoin PAYUSD goes live on Solana (SOL) appeared first on Invezz
Publication date
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.