PayPal announced that it has chosen the Solana blockchain to expand its PayPal USD (PYUSD) stable coin.
The integration aims to allow users to trade at low prices and focus on using #PYUSD as a payment method for everyday purchases. The announcement was made when the #Solana SOL token became the 5th largest token by market capitalization, and Franklin Templeton estimates that Solana could become the third largest crypto-asset after #EarnFreeCrypto2024 and Etherium.
Jose Fernandez da Ponte, senior vice president of PayPal's #blockchain division, claims that integration with Solana's blockchain for Pyusd provides a "fast, easy and low-cost payment method" to improve the consumer and merchant experience in the growing digital economy.
Solana's blockchain technology delivers 0.0025 transactions per second at a cost of just $665,000. Compared to #EarnFreeCrypto2024 , it can process about 15 transactions per second with fees ranging from 50 to 115 yen (the maximum cost of gasoline during peak hours). CoinGecko recently published a study claiming that Solana's average transfer speed is 46 times faster than Ethereum.
This means that based on these numbers, transactions on Solana can be completed within 1 minute, but the same transfer on Ethereum can take several minutes. It's worth noting that the use of Solana as a network for stable coin transfers has increased over the past 1 year, according to a study conducted by Artemis.
According to PayPal, users will be able to join Venmo wallet users and use PYUSD without chain accounting. This means that the balance of stable coins will be unified regardless of the network where the assets are stored. This seamless integration allows users to easily manage their funds with stable coins without worrying about the underlying blockchain infrastructure.
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