Reportedly PayPal was planning to launch its stablecoin in 2022 on the Solana blockchain network but due to some reason scrapped the decision.
PayPal is a global digital banking platform. The services of this platform are popular in the world because of its secured digital banking services. For a few years, PayPal also provides crypto assets trading.
Just a couple of days ago, PayPal launched its stablecoin “PayPal USD” on the Ethereum blockchain. The newly launched stablecoin will be allowed to be used across every type of online platform (Crypto, fiat, Web3, etc) in near future.
Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7
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— PayPal (@PayPal) August 7, 2023
On 7 Aug 2023, Chinese crypto blogger Colin Wu reported that two insiders claimed that PayPal was planning to launch its stablecoin on the Solana blockchain network in cooperation with the FTX crypto exchange, now a bankrupt company.
The report noted that the PayPal firm scrapped its stablecoin launch plan in 2022 because of the downfall & bankruptcy of the FTX empire.
FTX, Solana, & Downfall
In Nov 2022, the FTX crypto exchange went bankrupt following a FTX linked financial report by the Coindesk media.
FTX & its sister company Alameda Research was the top investor in the Solana (Sol) crypto project. With the downfall of the FTX exchange, the Solana coin (Sol) crashed badly to $18.
Solana blockchain is unique in the crypto sector for its unique network scaling protocol, Proof-of-history (PoH). In 2021, the Solana project grabbed huge popularity but in Dec of the same year, the network went through a smart contract bug. In 2022 Solana blockchain faced several network outages because of some new hidden bugs.
The whole thing was enough to mention that why the PayPal team decided not to launch a new stablecoin on the Solana network.
Read also: Expert says 50% chance for Bitcoin to hit $25k
PayPal was planning to launch PYUSD stablecoin with bankrupt firm FTX
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