According to Odaily, Jose Fernandez, the Senior Vice President of PayPal, has praised the Solana blockchain for its suitability in payment scenarios during an interview with Coindesk. He further explained that they are introducing mainstream cryptocurrency use cases through a remittance company called Xoom, which supports billions of dollars in transactions annually.
Previously, PayPal announced its decision to use the Solana blockchain to expand its stablecoin, PayPal USD (PYUSD). This move is seen as a significant endorsement of Solana's capabilities and potential in the rapidly evolving digital payment landscape.
Fernandez's comments highlight the growing interest and adoption of blockchain technology by major financial institutions. The use of Solana by PayPal, a global leader in digital payments, underscores the potential of blockchain technology in transforming traditional financial systems. The integration of blockchain technology into PayPal's operations also signifies a major step towards the mainstream adoption of cryptocurrencies.