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$SOL Solana strengthens as the choice of financial institutions with PayPal USD #PYUSD

Could Solana emerge as a leading blockchain for payments institutions? Is a Solana-based ETF next?

Solana, the fourth-largest blockchain by total value locked (TVL), is becoming a leader in institutional adoption.

More and more financial institutions will integrate with the Solana blockchain to "prepare their offerings for the future," according to Robinson Burkey, the CCO and co-founder of Wormhole Foundation.

Burkey wrote in a research note:

"Solana and institutions make sense. Industry leaders like PayPal, Stripe, and Visa need to prepare their offerings for the future. The best way to do that is to meet their most visionary users on the platforms they are adopting. We'll likely see many more institutional moments for Solana in the coming years."

The integration of PayPal USD into the Solana network marks its first move to a blockchain outside the $ETH ecosystem.

The integration will allow Solana users to conduct economic transactions using PYUSD on the network, with the goal of expanding the stablecoin's utility for everyday purchases.

In September 2023, global payments giant Visa launched its USD Coin on the Solana blockchain, the second network to support the stablecoin besides Ethereum.

Solana will receive more institutional adoption: Fireblocks, Solana is one of the most scalable blockchain networks that can handle large amounts of transactions.

Solana has a theoretical throughput of up to 65,000 transactions per second (TPS) with an average transaction cost of $0.0025, outperforming Ethereum's 15 TPS and significantly higher gas fees starting above $1 but can reach up to $50 during network congestion.