Solana
Solana Achieves ‘Big Three’ Status With PYUSD Expansion, Industry Experts Say
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Last week, PayPal announcement the expansion of its stablecoin PYSUD to Solana, marking the first step beyond the Ethereum blockchain. Industry players shared with Crypto Briefing that this move cements Solana as one of the “big three” blockchains, emphasizing that blockchain and institutions make sense.
Ran Goldi, vice president of payments at Fireblocks, points out that Solana is now “reaping the rewards” of the work done over the past three years. He adds that Solana’s infrastructure allows payment companies to leverage its blockchain to mimic their existing flows and operations while offering new payment constructs and attributes to unlock new capabilities.
“Their recent adoption by PayPal and Visa is far from surprising, and I believe that with confidential transfers a basic payment requirement for high-volume processors, we will see other names adopt blockchain in their flows . The key, in my opinion, is to ensure that your blockchain can support payment requirements “under the hood” of compliance, regulation and privacy. Doing this, coupled with speed and ample liquidity, can become an effective tool in the hands of payment institutions,” Goldi said.
Additionally, PayPal’s move adds potential for Solana to become a blockchain for merchant and institutional adoption, said Tristan Frizza, founder of Zeta Markets. He mentions previous Solana partnerships with Visa, Stripe and Shopify Pay.
“Solana is considered one of the “big three” cryptos alongside BTC and ETH, and many analysts are expecting a Solana ETF soon. Solana is one of the fastest growing blockchains in terms of usage, users, transactions and volume. This growth reinforces the belief that Solana will be the backbone of the future Internet, creating a cycle of increased activity from institutions, retailers and developers. Although institutional adoption is still in its early stages, these signs are promising for further acceptance and integration,” Frizza assessed.
Solana’s relationship with institutions was also highlighted by Robinson Burkey, CCO and co-founder of Wormhole Foundation. Given that traditional payment players need to future-proof their offerings, implementing Solana “makes sense.”
“The best way to do this is to meet their most forward-thinking users on the platforms they adopt. You will likely see many more institutional moments for Solana in the years to come,” added Burkey.
Matty Taylor, co-founder of Colosseum, also sees the deployment of PYSUD on Solana as a “massive validation of all the work the ecosystem has done over the last year.” However, he emphasizes that this is only the tip of the iceberg.
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