PayPal Chooses Solana To Expand PYUSD Stablecoin Beyond Ethereum
PayPal has chosen the Solana blockchain to expand its stablecoin, PayPal USD (PYUSD), marking its first move beyond the Ethereum ecosystem. The integration aims to enable users to perform transactions at a lower cost and focus on PYUSD as a payment method for day-to-day purchases.
Solana’s SOL token is the fifth largest crypto by market capitalization and is positioned to become the third major crypto asset after Bitcoin and Ethereum.
PayPal’s Senior VP of blockchain division, Jose Fernandez da Ponte, believes the integration will provide a fast, easy, and inexpensive payment method to enhance consumer and merchant experiences in a growing digital economy.
Solana’s blockchain technology boasts 65,000 transactions per second, compared to Ethereum’s 15 transactions per second at fees ranging from $1 to $50.
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