José Fernández’s Insights
PayPal’s head of Blockchain, Crypto, and Digital Currencies, José Fernández da Ponte, recently confirmed that the decision to launch on Solana was driven by the shortcomings of the Ethereum network. He emphasized that Ethereum is not the best platform for payment solutions.
Why Solana?
Fernández highlighted the advantages of Solana over Ethereum, including:
- High transaction speeds of up to 1,000 transactions per second
- Lower transaction costs compared to Ethereum
- Capability to accommodate token extensions
Launch of PYUSD on Solana
On May 29th, PayPal announced the launch of its stablecoin, PYUSD, on the Solana blockchain. This decision was made to leverage Solana’s capacity to process massive transactions quickly and at low costs.
“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous.” — Sheraz Shere, GM of Payments at the Solana Foundation
Global PYUSD Portal Hackathon
On June 30th, PayPal launched the first Global PYUSD Portal Hackathon, developed in collaboration with Portal. The hackathon aims to distribute 40,000 PYUSD (equivalent to $40,000) in prizes, with the grand champion receiving 15,000 PYUSD (approximately $15,000). The winners will be showcased at the Solana Hacker House in Hong Kong from October 24th to 26th, 2024.
TrueX Exchange Chooses PYUSD
In related news, the TrueX exchange, launched by former Coinbase employees Vishal Gupta and Patrick McCreary, has opted to use PYUSD instead of the more commonly used USDC. TrueX exchange has announced its choice of PYUSD, which Gupta helped develop during his time at Coinbase.
PYUSD Supply Comparison
According to data from DeFiLlama, the supply of PYUSD on the Solana blockchain has surpassed that of Ethereum. Here’s a breakdown:
- Solana: 50.2% (approximately $367.54 million)
- Ethereum: 49.8% (about $364.66 million)
About PYUSD
PYUSD is a collateralized stablecoin backed by US dollar deposits, cash equivalents, and U.S. Treasury Bonds. It is pegged to the US dollar at a 1:1 ratio and is available for transactions on the PayPal and Venmo platforms.
Market Position of PYUSD
As of the time of publication, PYUSD ranks fifth among the largest stablecoins by market capitalization, with:
- Market Cap: $732,061,918
- 24-Hour Trading Volume: $32,043,723
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