Memecoins

PayPal Partners with Solana Blockchain for PYUSD Integration, Highlighting Swift Transactions and Minimal Fees

PayPal, an online payment company, is planning to integrate its PayPal USD stablecoin (PYUSD) into the Solana (SOL) blockchain, a popular choice among memecoin issuers. This decision comes after the successful launch of PYUSD on the Ethereum (ETH) blockchain and its addition to PayPal’s Venmo P2P payments service. According to a report from Bloomberg, the choice to join Solana was influenced by the blockchain’s speed and low transaction fees.

Solana’s transaction processing capabilities, currently at 1,423 transactions per second (tps) according to SolanaFM, were a key factor in attracting PayPal to the blockchain. In comparison, Ethereum processes around 12 to 15 tps.

Jose Fernandez da Ponte, Senior Vice President of PayPal’s blockchain, cryptocurrency, and digital currency group, highlighted the importance of high transaction volumes in retail, making Solana an ideal candidate. The blockchain has experienced a surge in trading volume, driven by memecoins like Slerf, Boom of Meme, Snap, and Dogwifhat, leading to increased decentralized exchange activity.

While most PYUSD activity currently occurs on crypto exchanges and within decentralized finance, PayPal aims to expand its usage to retail payments and emerging markets in Latin America, Southeast Asia, and Africa. In April, PayPal enabled its cross-border money transfer service Xoom to facilitate international transfers using dollars converted from PYUSD.

Despite facing regulatory scrutiny and technical challenges, PayPal remains confident in Solana’s stability. The company is cooperating with the SEC and plans to explore additional blockchains for PYUSD integration. This move reflects the growing interest of traditional payment companies in digital assets, with other companies like Stripe Inc. enabling stablecoin payments for their merchants.

SOL’s price is currently trending sideways, trading at $168, up over 1% in the last 24 hours and 24% in the last month. Source: SOLUSD on TradingView.com.

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