José Fernández criticized Ethereum for its high network fees and limited scalability, suggesting Solana as the better alternative.
PayPal, a leading digital payment platform, ventured into the cryptocurrency space four years ago by introducing limited crypto trading services for its users. In August 2023, PayPal launched its regulated stablecoin, PayPal Stablecoin (PYUSD), on the Ethereum network.
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
— PayPal (@PayPal) August 7, 2023
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On 20th Sep 2024, PayPal’s Vice President of Blockchain, Crypto, and Digital Currencies, José Fernández, stated that Solana was always the ideal choice for international payments rather than Ethereum for PayPal.
Fernández emphasized Ethereum’s inefficiencies in handling high transaction volumes due to expensive gas fees and lower scalability, making it unsuitable for PayPal’s global payment solutions.
Solana’s superior transaction speeds and capacity of 1,000 transactions per second (TPS) make it a strong competitor, offering more scalable, low-cost solutions compared to Ethereum.
PayPal Stablecoin & Solana Integration
In May 2024, PayPal launched its stablecoin on Solana, witnessing rapid growth in user adoption and financial activity. PYUSD has since grown significantly, reaching a market capitalization of $700 million—an impressive milestone for a newly launched stablecoin. The launch on Solana has been a driving factor behind this surge.
Recently, former Coinbase employees Vishal Gupta and Patrick McCreary launched TrueX Exchange using PYUSD. They stated that they preferred PYUSD over other stablecoins like USDC and USDT due to its robust performance and security features, especially after its launch on the Solana network.
The success of PYUSD on Solana suggests that the network is becoming the preferred choice for stablecoin-related transactions. Other major exchanges are now also exploring the integration of Solana for their digital asset operations.
Read also: BingX Restores Crypto Withdrawals and Trading Services in Less than 24 Hours After $52 Million Hack
PayPal Executive Declares Ethereum Unfit for Payments, Endorses Solana as Superior Solution
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