PayPal USD (PYUSD) Goes Live On Solana

29 במאי

PayPal USD (PPYUSD) has gone live on the Solana blockchain, marking a significant expansion beyond the Ethereum ecosystem. This collaboration between PayPal and Solana (SOL) offers millions of users guaranteed access to the token with guaranteed speed. The integration allows PayPal to leverage Solana (SOL) and the token extension to serve over 30 million merchants globally while offering transactions at a lower cost. This marks a milestone for USD-pegged stablecoin as it is its first move beyond the Ethereum ecosystem.

PYUSD is also expanding its utilization as a payment method for small and daily purchases. PayPal USD has found new ways to evolve in a bid to compete with dominant alternatives like Tether (USDT) and USD Coin (USDC). Xoom, PayPal's cross-border money transfer service, recently launched a new funding option that allows U.S. users to finance international transfers using PYUSD. Users are exempt from paying transaction fees when using PayPal USD to fund eligible transfers to recipients in over 160 countries.

Solana's speed and low cost may impact the PYUSD market outlook positively. Over time, Solana (SOL) known to process over 5,000 transactions per second, costing only about $0.0025. Compared to Ethereum's 15 transactions per second with higher fees, Solana offers significantly cheaper fees. PayPal's senior vice president of blockchain, Jose Fernandez da Ponte, stated that making PYUSD available on the Solana Blockchain furthers their mission of enabling a digital currency with a stable value designed for commerce and payments.

Despite the fundamental, Solana (SOL) is still trading with a weak Relative Strength Index (RSI) of 54.89 signifying a bullish reversal trend in the long term.