PayPal Makes Retail Stablecoin Play with PYUSD on Solana

A potential launch could rekindle enthusiasm for the relatively unknown crypto asset, PYUSD, which has failed to gain significant traction despite prominent support from established industry players. With approximately 8,600 holders on the Ethereum network and a market capitalization slightly under $400,000, PYUSD pales in comparison to the immense resources of its more successful counterparts, such as Circle and Tether.

According to PayPal’s Senior Vice President of Blockchain, Jose Fernandez da Ponte, Ethereum functions adequately. However, if we’re focusing on retail payments, as we are at PayPal, a minimum of 1000 transactions per second is required, and the cost for each transaction should be in pennies rather than dollars.

In addition to cost and faster transaction processing, PYUSD on Solana boasts unique capabilities that were previously unattainable on Ethereum. One such feature is the utilization of Solana’s “Token Extensions” standards, which enable merchants to add an extra layer of confidentiality to their transfers. This is just one example of how PYUSD leverages Solana’s advanced compliance and programmability features.

This article will be updated.