PayPal Expands PYUSD to Solana Blockchain

2024-5-30 20:17

PayPal has announced that its stablecoin, PayPal USD (PYUSD), is now supported on the Solana blockchain.

This integration leverages Solana’s high-speed, low-cost transaction capabilities, enhancing PYUSD’s usability in various financial applications.

PayPal’s PYUSD is Now Available on Solana Blockchain

Solana’s superior transaction speed and lower fees made it an attractive addition to PayPal. According to SolanaFM, Solana can handle 1,423 transactions per second (tps), significantly surpassing Ethereum’s 12-15 tps. This capability is crucial for retail transactions, which require a minimum of 1,000 tps.

“Solana’s speed and low transaction fees were key factors in our decision,” said Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currency.

Despite past technical issues, Fernandez da Ponte expressed confidence in Solana’s current stability. Sheraz Shere, General Manager of Payments at the Solana Foundation, indicated that previous technical problems are now resolved. The most recent outage in February lasted only five hours, a significant improvement from earlier disruptions.

Read more: How To Buy PayPal Stablecoin (PYUSD)

Shere also highlighted PayPal’s integration of PYUSD on Solana as an example of traditional financial companies increasingly embracing digital assets. He noted that fintechs are starting to recognize stablecoins as a product-market fit, referencing Stripe Inc.’s decision to enable stablecoin payments for merchants.

“Fintechs are starting to recognize stablecoins as the product-market fit they’ve been waiting for,” he said.

At the time of writing, PYUSD has a market capitalization of $398 million, dwarfed compared to Tether’s $111 billion. However, the stablecoin’s usage spans crypto exchanges and decentralized finance, with plans to extend into retail payments. Emerging markets in Latin America, Southeast Asia, and Africa are also targeted. PayPal’s Xoom service already facilitates cross-border payments using PYUSD.

Read more: 7 Best Crypto Platforms To Buy PayPal Stablecoin (PYUSD)

Yet, PayPal’s journey with stablecoins has faced challenges. The company paused its project in February 2023 due to regulatory scrutiny and received a subpoena from the US Securities and Exchange Commission in November.

“We are collaborating with them and providing the requested information,” Fernandez da Ponte assured.

PayPal’s decision to integrate PYUSD with Solana shows its dedication to improving digital payments. Using Solana’s fast and low-cost transactions, the company can make its stablecoin more efficient and accessible. This partnership is a big step in offering better, more affordable financial services to people worldwide.

The post PayPal Expands PYUSD to Solana Blockchain appeared first on BeInCrypto.

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pyusd paypal solana blockchain expands finance usability

Источник: beincrypto.com

pyusd paypal → Результатов: 126


Paypal’s Xoom adds PYUSD as funding for cross-border money transfers

PayPal enables use of PYUSD in cross-border transfers for Xoom users Xoom users in the US can convert PYUSD into USD and send money to 160 countries. Xoom, the international money transfer platform of payments processing giant PayPal, has announced that it now supports the use of PayPal USD (PYUSD) as a funding option for […] The post Paypal’s Xoom adds PYUSD as funding for cross-border money transfers appeared first on CoinJournal.

2024-4-4 18:12


Paxos подтвердили полное обеспечение стейблкоина PYUSD от PayPal

По состоянию на 31 августа общая сумма активов на счете PayPal «соответствует или превышает баланс токенов PYUSD». Об этом говорится в отчете партнера эмитента — фирмы Paxos. На указанную дату в обращении было PYUSD на сумму в $44,4 млн.

2023-9-14 20:45


Ripple’s CTO Weighs In: Is PayPal’s New Stablecoin Safe Or A Centralization Nightmare?

In the fast-paced domain of cryptocurrencies, industry giants are constantly seeking ways to advance and adapt. San Jose-based payment platform, PayPal, has been no exception to this trend. The company’s recent introduction of its own stablecoin, PayPal USD (PYUSD), signals a landmark move in its journey within the cryptocurrency sector. The launch, however, was quickly […]

2023-8-8 21:00


Huobi будет поддерживать стейблкоин PayPal

Криптовалютная биржа Huobi «в скором времени» интегрирует недавно запущенный стейблкоин от платежного гиганта PayPal (PYUSD). Согласно пресс-релизу, листинг актива произойдет, когда «наладится рыночное обращение и созреют условия ликвидности».

2023-8-8 17:46


DEXTools: Десятки фейковых PayPal USD плодятся сразу на нескольких блокчейнах

Мошенники пытаются обмануть ничего не подозревающих пользователей, извлекая выгоду из недавно запущенного стейблкоина PayPal USD. В сети уже появилось минимум 66 фейковых PYUSD.

2023-8-8 15:50


PayPal USD Debut: Why Its New Stablecoin Is Triggering Apprehension

PayPal has concluded an extended period of careful consideration, advancement, and setbacks to unveil its newly established stablecoin tied to the US dollar. The stablecoin, called PayPal USD (PYUSD), facilitates users in engaging in activities such as “purchasing, vending, retaining, and transferring” the token using the payment processor’s interface.

2023-8-8 12:17


Мошенники уже зарабатывают на стейблкоине PayPal

Рынок наводнили фейковые монеты, которые мошенники выдают за стейблкоин популярной платежной системы PayPal. Рассказываем, как отличить настоящий токен от мошеннического. 7 августа одна из крупнейших платежных систем PayPal объявила о запуске собственного стейблкоина на базе Ethereum — PayPal USD (PYUSD).

2023-8-8 11:58


US Congressman McHenry Praises Stablecoins, Calls Them Vital To 21st-Century Payments

In a notable move that highlights the growing acceptance and potential of stablecoins in modern payment systems, PayPal has announced the launch of its payment stablecoin PYUSD.  This development comes shortly after the House Financial Services Committee passed the Clarity for Payment Stablecoins Act, a bipartisan legislation that paves the way for regulated stablecoin issuers, […]

2023-8-8 06:00


House Financial Services Committee chair renews call for stablecoin legislation after PayPal’s PYUSD announcement

Representative Patrick McHenry, (R-NC), chair of the  U. S. House Financial Services Committee Chairman, endorsed PayPal’s recently-announced stablecoin on Aug. 7. McHenry said in a statement: “[PayPal’s] announcement is a clear signal that stablecoins—if issued under a clear regulatory framework—hold promise as a pillar of our 21st century payments system.

2023-8-8 04:00


PayPal запустил собственный стейблкоин PYUSD

Платежный гигант PayPal объявил о запуске «стабильной монеты» PayPal USD (PYUSD). Эмитентом выступает инфраструктурная компания Paxos. Согласно сообщению, актив полностью обеспечен «депозитами в долларах США, краткосрочными казначейскими векселями и аналогичными денежными эквивалентами».

2023-8-8 19:52


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