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Crypto News Today- Solana Welcomes PYUSD from PayPal, Setting Sights on Payment Scenarios

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Crypto News Today- Solana Welcomes PYUSD from PayPal, Setting Sights on Payment Scenarios

PYUSD from PayPal Now Available on Solana, Focusing on Payment Applications

Crypto News– PayPal has opted for the Solana blockchain to broaden the reach of its stablecoin, PayPal USD (PYUSD), stepping beyond the Ethereum ecosystem for the first time.

In an announcement on May 28, it was revealed that PYUSD has been integrated into the Solana network, offering users the ability to conduct transactions at a reduced cost. This move aims to enhance the utility of PYUSD stablecoin as a payment option for everyday purchases.

Solana boasts processing capacities of up to 65,000 transactions per second, with transaction costs as low as $0.0025. This significantly surpasses Ethereum’s capabilities, which are limited to 15 transactions per second with higher fees ranging from $1 to $50 during congestion periods. Essentially, while an Ethereum transaction may take minutes to complete, the same transfer on Solana could be finalized in less than a minute.

Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, emphasized, Making PYUSD available on the Solana Blockchain furthers our mission of enabling a digital currency with a stable value designed for commerce and payments.

Users of PayPal and Venmo wallets will enjoy a seamless experience across chains, with PYUSD balances remaining consistent irrespective of the network holding the assets.

Crypto News Today- Solana Welcomes PYUSD from PayPal, Setting Sights on Payment Scenarios
Crypto News Today- Solana Welcomes PYUSD from PayPal, Setting Sights on Payment Scenarios 1

In the past year, the Solana network has experienced a surge in usage, emerging as the most utilized blockchain for stablecoin transfers. Data from the analytics platform Artemis reveals that stablecoin transfer volume on Solana surpassed $1.5 trillion, significantly outpacing Ethereum, which recorded a volume of $885 billion during the same period.

FAQs

What is PYUSD?

PYUSD is a stablecoin issued by PayPal, designed to maintain a stable value by being pegged to the U.S. dollar.

Why is the integration of PYUSD into Solana significant?

The integration of PYUSD into Solana is significant as it expands the utility of the stablecoin beyond the Ethereum ecosystem, offering users the ability to conduct transactions on the Solana network at lower costs and faster speeds.

What benefits does Solana offer for PYUSD transactions?

Solana’s high transaction throughput of up to 65,000 transactions per second and low transaction fees provide significant advantages for PYUSD transactions, enabling quicker and more cost-effective payments compared to Ethereum.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Solana Welcomes PYUSD from PayPal, Setting Sights on Payment Scenarios

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