PayPal, a really big company, has introduced its own type of digital money, called PYUSD, to a new place called Solana a year after it first introduced it in another place called Ethereum. Even though PayPal is famous all over the world, not many people are using PYUSD right now. It only has around 8,600 users on Ethereum, and its total worth is just under $400 million. Compared to its competitors, Circle and Tether, it is pretty small.

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• A year after its Ethereum launch, PayPal’s PYUSD, a stablecoin, is now on the Solana blockchain.
• The Senior VP of Blockchain at PayPal emphasizes the importance of quick transactions and low costs for retail payments.
• With Solana’s “Token Extensions,” PYUSD provides merchants with increased transfer privacy.

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PayPal Debuts PYUSD Stablecoin on Solana Blockchain

Jose Fernandez da Ponte, a really important person at PayPal who works on blockchain (which is like a digital ledger for cryptocurrencies), talked about the need to handle lots of transactions quickly and cheaply. He said, “While Ethereum has been good for us, we need to be able to handle at least 1,000 transactions every second for retail payments. Also, it should cost pennies, not dollars for each transaction.”

What’s cool about PYUSD on Solana, which wasn’t possible on Ethereum, is that it gives merchants more privacy when they transfer money. This is just one of the many cool features that PYUSD has to make it more user-friendly and compliant with rules.

In simple words, PayPal is working really hard to be the best in the world of online money. By moving PYUSD to a place called Solana, they are preparing for more cool stuff. They believe that online money is a big deal and it will become even more important in the world of money.

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