CandleFocus Token extensions are “a big good” reason why PayPal taps Solana for stablecoin, says PayPal crypto chief
2024-09-20
Author: Content Editor
During the Solana BreakPoint event, Jose Fernandez da Ponte, Senior VP of PayPal's blockchain division, explained that Solana's token extensions were a key reason why PayPal chose to expand its flagship stablecoin, PYUSD, to the Solana blockchain. PayPal initially launched PYUSD on Ethereum but decided to integrate Solana to offer users a faster, easier, and cheaper payment method. According to da Ponte, Solana's token extensions made it a good fit for PayPal's infrastructure, particularly in terms of transaction speed and throughput. Solana can handle up to 65,000 transactions per second with low fees, in contrast to Ethereum's lower transaction capacity and higher fees. The efficiency and performance of Solana have contributed to its increasing adoption for stablecoin transfers. Solana's token extensions allow developers to create tokens with unique features tailored to specific use cases, unlocking a variety of applications across different sectors, including stablecoins, gaming, and financial services.
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