PayPal to add PYUSD stablecoin to Solana

May 29, 2024
Darren Parkin

A YEAR after launching on Ethereum, PayPal is to make its stablecoin available on Solana.

The payment giant will be adding PYUSD into the Solana blockchain ecosystem, as PayPal bosses appear to cite a dissatisfaction with Ethereum's speed and fees.

The move, announced moments ago, has already raised eyebrows. Ethereum's enormous blockchain and market cap have been enjoying something of a renaissance lately, as the value of its Ether token has been the stand-out performer in the light of ETF ETP approvals.

Yet, at the same time, repeated promises of a Solana renaissance have continued to stutter to a halt.

“Ethereum works well enough,” explained Jose Fernandez da Ponte, PayPal's Senior Vice President of Blockchain.

"But if you’re interested in retail payments as we are, basically you need at least 1,000 transactions per second, and you need transaction costs in the pennies, not in the dollars."