Solana
PayPal adds Stablecoin to the Solana blockchain
PayPal says its stablecoin – PayPal USD (PYUSD) – is now available on the Solana blockchain.
The move aims to make the stablecoin faster and cheaper to use, giving users a choice between multiple blockchains for more flexibility and control, according to a Wednesday, May 29. Press release.
“The Solana blockchain is known for processing massive amounts of transactions at high speeds and extremely low costs, providing significant benefits for commercial use cases,” PayPal said in the release.
According to the release, it is also the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, making it ideal for using PYUSD in payments.
“PayPal USD was created with the goal of once again revolutionizing commerce by providing a fast, simple and low-cost payment method for the next evolution of the digital economy,” said PayPal Senior Vice President of Blockchain, cryptocurrency and digital currency. Jose Fernández da Ponte said in the announcement. “Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with stable value designed for commerce and payments.”
PayPal introduces PYUSD last August and started offer it to users of his Venmo payment platform weeks later. And last month, the company partnered with a cross-border money transfer service Xoom has partnered to allow users to transact internationally using PYUSD.
Meanwhile, PYMNTS recently spoke with Sheraz Sherehead of payments at the Solana Foundation, about the company’s efforts to make crypto payments more mainstream.
“It is important to know that crypto is not just bitcoin and Doge and NFT,” Shere said. “Blockchains are real alternative rails for payments and financial assets.
Nonetheless, he added, there is a persistent barrier to accelerating the adoption of cryptocurrencies: a lack of awareness, particularly among senior levels of financial services.
“If you think about the mainstream, we’re very early, even as far as awareness goes,” Shere said.
Indeed, even though crypto proponents have in-depth knowledge of the technology, executives still need more education to be able to truly explore the practical applications and potential of cryptocurrency in payments.
“For example, people are very excited about all these new developments. [real-time payments] systems,” Shere said. “Imagine a global [real-time payments] system which simply operates without a central authority. Well, we have that with stablecoins running on a network like Solana – decentralized, completely permissionless instant settlement.
“Don’t get distracted by the noise,” he added. “There’s a lot of noise, but there are some interesting underlying technologies that are important for financial services executives to understand. »
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