In this post,
- Vice President José Fernández da Ponte of PayPal’s BCDC argued that Solana is a better platform for payment solutions than Ethereum.
- The introduction of PayPal on the Solana blockchain alludes to the network’s capacity to provide faster speeds, cheaper fees, and token extensions in comparison to Ethereum.
- Using PayPal’s PYUSD, Vishal Gupta and Patrick McCreary, two former Coinbase workers, founded the TrueX exchange.
José Fernández da Ponte, head of PayPal’s Blockchain, Crypto, and Digital Currencies business unit, said that issues with the Ethereum network were the reason why the launch of the global online payment system on Solana. According to Fernández, Ethereum is not the ideal platform for providing payment options.
According to Fernández, Ethereum is not the ideal platform for providing payment options.José Fernández, Vice President of Blockchain, Crypto, and Digital Currencies at PayPal, reaffirmed that Solana was the network of choice for the launch. According to him, Ethereum wasn’t the ideal payment method.
The Solana launch highlights the network’s superiority over Ethereum.At comparatively lower prices than Ethereum, Solana offers high transaction rates of up to 1,000 transactions per second and support token extensions.
PYUSD is launched by PayPal on Solana
PayPal announced the introduction of stablecoin PYUSD on the Solana blockchain in a press release on May 29.The decision by PayPal to introduce PYUSD on Solana, according to the release, limited the network’s capacity to handle “huge volumes of transactions at fast speeds with incredibly low costs.”
Sheraz Shere, General Manager of Payments at the Solana Foundation, praised Solana’s scalability characteristics and network performance for offering the best blockchain for payment solutions.
“The Solana network is the perfect blockchain for new payment solutions that are accessible, affordable, and quick because of its speed and scalability.”
Sheraz Shere
PayPal announced the inaugural Global PYUSD Portal Hackathon on June 30th. The project was created in cooperation between PayPal and Portal and is based on the Solana network.
Six hackathon winners were to receive rewards totaling 40,000 PYUSD (equal to $40,000) from the Global PYUSD Portal Hackathon. The grand champion would receive 15,000 PYUSD, or $15,000.
From October 24 to 26, 2024, the winners will be on display at the Solana Hacker House in Hong Kong.
PYUSD will be used by TrueX instead of USDC.
The announcement follows the establishment of the TrueX exchange using PYUSD by Vishal Gupta and Patrick McCreary, two former Coinbase workers.
It was disclosed by TrueX exchange that PYUSD was preferred above the popular USDC, which Gupta helped to build while employed by Coinbase.
We’ve been waiting weeks for this and I’m excited to announce my new venture!
— Vishal K. Gupta (@vishalkgupta) September 18, 2024
TrueX (@truex_exchange), a non-custodial, stablecoin-native exchange representing the next evolution in crypto markets, today announced that we have officially launched out of stealth.
TrueX is the… https://t.co/llT1WPPfgm
DeFiLlama research indicates that there is more PYUSD available on the Solana blockchain than there is on Ethereum for the stablecoin PYUSD. Of the total PYUSD supply, Ethereum owns 49.8%, or around $364.66 million, while Solana owns 50.2%, or roughly $367.54 million.
PYUSD is a collateralized stablecoin, according to PayPal, with reserves backed by US Treasury Bonds, cash equivalents, and US dollar deposits.
The stablecoin may be used for payments on the PayPal and Venmo platforms, and it has a 1:1 peg to the US dollar.
PYUSD is now the fifthlargest stablecoin in terms of market capitalization, according to data from Coinmarketcap.
As of the time of publication, the stablecoin has a market capitalization of $732,061,918 and a 24-hour trading volume of $32,043,723.
