Solana Emerges As An Institutional Favorite Following PayPal USD Launch

ByadminJune 5, 2024, 11:28 AM1 Mins read84 Views

Solana Emerges As An Institutional Favorite Following PayPal USD Launch

Solana, the fourth-largest blockchain in terms of total value locked (TVL), is becoming a leading network in institutional adoption.

Financial institutions are integrating with the Solana blockchain to “future-proof” their offerings, according to Robinson Burkey, the CCO and co-founder of Wormhole Foundation.

PayPal recently expanded its PayPal USD stablecoin to the Solana network, enabling users to conduct inexpensive transactions using PYUSD.

Visa also launched its USD Coin on the Solana blockchain in September 2023. Solana is among the most scalable blockchain networks, capable of handling large amounts of transactions with a theoretical throughout of up to 65,000 transactions per second (TPS) with an average transaction cost of $0.0025.

With major partnerships like Visa, Stripe, Shopify Pay, and PayPal, merchant and institutional adoption of Solana is likely to grow.

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