PYPL - PayPal Launches PYUSD Stablecoin On Solana | Benzinga
PayPal (NYSE:PYPL) is making a strategic move by adding its (CRYPTO: PYUSD) stablecoin to the Solana (CRYPTO: SOL) blockchain, a network known for its association with meme coins.
What Happened: Initially launched on the Ethereum (CRYPTO: ETH) blockchain in August, PYUSD was subsequently added to PayPal's Venmo peer-to-peer payments service in September.
The decision to incorporate Solana’s blockchain was influenced by its high transaction speed and low fees, according to Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, cryptocurrency, and digital currency, Bloomberg reported.
Solana's network processes approximately 1,423 transactions per second (tps), significantly outpacing Ethereum's 12 to 15 tps.
Fernandez da Ponte emphasized the necessity for high transaction speeds in the retail sector, noting, "If you are in the retail space, you need to be able to sustain at least 1,000 transactions per second."
Solana has seen a surge in trading volume, hitting the highest levels in over two years, driven by meme coins like Slerf Book of Meme, Snap, and Dogwifhat.
Despite Solana's superior speed, ...