PayPal Brings PYUSD Stablecoin to Solana

Coinfomania · 2024-05-29T17:03:04.000Z

PayPal has strategically expanded its stablecoin, PayPal USD (PYUSD), by integrating it with the Solana blockchain, moving beyond its initial use on Ethereum. This integration, announced on May 28, allows PayPal to offer lower transaction costs, broadening PYUSD’s utility for frequent and small-scale transactions. Advantages of Solana Blockchain The Solana blockchain is renowned for its ability to process a vast number of transactions at high speeds and minimal costs, making it highly advantageous for commerce. Data from blockchain analytics platform Artemis highlights that Solana has become the leading blockchain for stablecoin transfers, emerging as the most utilized platform for tokenized transactions. Solana’s capacity to handle up to 65,000 transactions per second at costs as low as $0.0025 significantly outstrips Ethereum, which processes only 15 transactions per second with fees that can range from $1 to $50 during periods of congestion. This means that while a transaction on Ethereum might take a few minutes, the same transaction on Solana could be completed in under a minute. Jose Fernandez da Ponte, PayPal’s Senior Vice President of the Blockchain, emphasized PayPal’s pioneering role in digital commerce over the past 25 years. He stated that PYUSD was designed to revolutionize commerce once again by offering a fast, easy, and inexpensive payment method for the digital economy’s next evolution. By making PYUSD available on the Solana blockchain, PayPal aims to enable a digital currency with a stable value designed specifically for commerce and payments. For PayPal and Venmo wallet users, this integration means a chain-agnostic experience, with PYUSD balances unified regardless of the network holding the assets. Stablecoins Transfer Volume in USD. Source: Artemis Solana’s Performance and Challenges Since last year, Solana has surged to become the most used blockchain for stablecoin transfers. Artemis data reveals that Solana’s stablecoin transfer volume reached $1.5 trillion over the past year, significantly surpassing Ethereum’s $885 billion volume during the same period. Despite its advantages, Solana has faced challenges, particularly with recurring network outages. The latest outage occurred on February 9, when transactions were halted for nearly five hours. To address these issues, an upgrade called Firedancer is set to be released in the coming months, aiming to enhance Solana’s overall reliability and scalability. Stablecoins, like PYUSD, are cryptocurrencies designed to maintain a constant value by being pegged to a more stable reserve asset, typically a fiat currency such as the U.S. dollar. PayPal launched its stablecoin in August 2023 in partnership with Paxos Trust Company. Initially issued on Ethereum as an ERC-20 token, PYUSD is backed by U.S. dollar deposits, short-term Treasuries, and cash equivalents. According to data from DefiLlama, Tether currently dominates the stablecoin market with nearly 70% market share and a market capitalization of approximately $111 billion. In contrast, PYUSD’s market capitalization stands at $272.96 million. Expansion in Cryptocurrency Operations In addition to its stablecoin expansion, PayPal has enhanced its cryptocurrency operations through a collaboration with MoonPay, enabling U.S. customers to purchase and sell cryptocurrencies like Bitcoin using PayPal. Announced on May 2, this integration allows users to complete fiat-to-crypto transactions via wallets, bank transfers, or debit cards using a PayPal account. MoonPay co-founder and CEO Ivan Soto-Wright highlighted that this partnership enables users to buy and sell over 110 different cryptocurrencies using PayPal, offering a superior experience compared to other platforms that limit purchases to Ether or PYUSD. He also noted that MoonPay is the first on-ramp and off-ramp provider to integrate with PayPal. Soto-Wright pointed out that such integrations are expected to significantly impact conversion rates. He explained that many traditional banks do not permit users to purchase crypto with debit or credit cards. However, when users pay with PayPal using the same cards, there has been a notable increase in the success rate of transactions. As of May 2024, MoonPay has over 20 million verified users. Soto-Wright mentioned that the PayPal integration will initially be available on MoonPay’s direct-to-consumer products—the MoonPay App and desktop—but will soon extend to many of MoonPay’s partners. The post PayPal Brings PYUSD Stablecoin to Solana appeared first on Coinfomania.

PayPal 已戰略性地擴展了其穩定幣 PayPal USD (PYUSD)，將其與 Solana 區塊鏈整合，超越了其最初在以太坊上的使用。
此次整合於 5 月 28 日宣佈，它將使 PayPal 能夠提供更低的交易成本，擴大 PYUSD 在頻繁和小規模交易中的實用性。
Solana 區塊鏈的優勢
Solana 區塊鏈以其高速、低成本處理大量交易的能力而聞名，這對商業來說非常有利。區塊鏈分析平臺 Artemis 的數據顯示，Solana 已成爲穩定幣轉賬的領先區塊鏈，併成爲代幣化交易使用率最高的平臺。
Solana 每秒最多可處理 65,000 筆交易，成本低至 0.0025 美元，遠遠超過以太坊，後者每秒僅處理 15 筆交易，擁堵期間費用從 1 美元到 50 美元不等。這意味着，雖然以太坊上的交易可能需要幾分鐘，但 Solana 上的同筆交易可以在一分鐘內完成。
PayPal 區塊鏈高級副總裁 Jose Fernandez da Ponte 強調了 PayPal 過去 25 年來在數字商務領域的先鋒作用。他表示，PYUSD 旨在通過爲數字經濟的下一次發展提供快速、簡單且廉價的支付方式，再次徹底改變商業。
通過在 Solana 區塊鏈上提供 PYUSD，PayPal 旨在實現一種專爲商業和支付而設計的具有穩定價值的數字貨幣。對於 PayPal 和 Venmo 錢包用戶來說，這種集成意味着一種與鏈無關的體驗，無論哪個網絡持有資產，PYUSD 餘額都是統一的。
穩定幣轉賬量（以美元計）。來源：Artemis Solana 的表現和挑戰
自去年以來，Solana 已迅速成爲穩定幣轉賬最常用的區塊鏈。Artemis 數據顯示，Solana 的穩定幣轉賬量在過去一年中達到 1.5 萬億美元，大大超過同期以太坊的 8850 億美元。
儘管 Solana 具有諸多優勢，但它也面臨挑戰，尤其是網絡頻繁中斷。最近一次中斷髮生在 2 月 9 日，當時交易暫停了近 5 個小時。爲了解決這些問題，名爲 Firedancer 的升級版將在未來幾個月發佈，旨在提高 Solana 的整體可靠性和可擴展性。
穩定幣（如 PYUSD）是一種加密貨幣，旨在通過與更穩定的儲備資產（通常是美元等法定貨幣）掛鉤來保持恆定的價值。PayPal 於 2023 年 8 月與 Paxos Trust Company 合作推出了其穩定幣。
PYUSD 最初在以太坊上作爲 ERC-20 代幣發行，由美元存款、短期國債和現金等價物支持。根據 DefiLlama 的數據，Tether 目前佔據穩定幣市場的主導地位，市場份額接近 70%，市值約爲 1110 億美元。相比之下，PYUSD 的市值爲 2.7296 億美元。
加密貨幣業務的擴展
除了穩定幣擴張之外，PayPal 還通過與 MoonPay 的合作增強了其加密貨幣業務，使美國客戶能夠使用 PayPal 購買和出售比特幣等加密貨幣。這項整合於 5 月 2 日宣佈，允許用戶使用 PayPal 賬戶通過錢包、銀行轉賬或借記卡完成法定貨幣到加密貨幣的交易。
MoonPay 聯合創始人兼首席執行官 Ivan Soto-Wright 強調，此次合作使用戶能夠使用 PayPal 購買和出售 110 多種不同的加密貨幣，與其他將購買限制爲 Ether 或 PYUSD 的平臺相比，提供了更優質的體驗。他還指出，MoonPay 是第一家與 PayPal 集成的入站和出站提供商。
Soto-Wright 指出，此類整合預計將顯著影響轉化率。他解釋說，許多傳統銀行不允許用戶使用借記卡或信用卡購買加密貨幣。然而，當用戶使用相同的卡通過 PayPal 付款時，交易成功率顯著提高。
截至 2024 年 5 月，MoonPay 擁有超過 2000 萬經過驗證的用戶。Soto-Wright 提到，PayPal 集成最初將在 MoonPay 的直接面向消費者的產品（MoonPay 應用程序和桌面）上提供，但很快將擴展到 MoonPay 的許多合作伙伴。
PayPal 將 PYUSD 穩定幣引入 Solana 一文最先出現在 Coinfomania 上。

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