PayPal Executive Says Solana Is Better Than Ethereum

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PayPal Executive Says Solana Is Better Than Ethereum
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In a recent statement, José Fernández da Ponte, Vice President of Blockchain, Crypto and Digital Currencies at PayPal, stated that Ethereum is not the best solution for offering payment services.

He made the statement during the launch of the PYUSD (PayPal USD) stablecoin on the Solana network. The launch marked a new stage in the online payments company’s cryptocurrency operations.

Solana was chosen as the preferred platform for the launch of PYUSD due to the limitations of the Ethereum network. According to Fernández, although Ethereum is widely used in the blockchain market, it does not offer the ideal conditions for processing large volumes of transactions quickly and at low cost. For him, these are essential attributes for large-scale payment solutions.

The Solana network, on the other hand, has stood out for its ability to support up to 1,000 transactions per second. In addition, it has a significantly lower cost than Ethereum.

Ethereum is not a good solution

This advantage in terms of scalability and speed was key to PayPal’s decision to use Solana for its stablecoin launch. Sheraz Shere, payments manager at the Solana Foundation, noted that Solana’s speed and scalability make it the ideal blockchain for payments solutions, being accessible, efficient and instant.

In contrast, Ethereum, despite its popularity, continues to face challenges in terms of higher transaction fees and limited speed. This compromises its efficiency in high-volume transaction scenarios, such as PayPal’s operations.

The adoption of PYUSD by the Solana network also came alongside other initiatives, such as the Global PYUSD Portal Hackathon, which distributed prizes in stablecoins, and the adoption of PYUSD by the TrueX exchange, which opted for this stablecoin instead of USDC, another major competitor in the market.

According to data from DeFi Llama, Solana has already surpassed Ethereum in the supply of PYUSD. The network now controls 50.2% of the total supply compared to Ethereum’s 49.8%. This shows that Solana has become a preferred option for developing payment solutions, surpassing Ethereum in terms of flexibility and efficiency.

PayPal continues to expand its role in the cryptocurrency sector, and the use of Solana for the launch of its stablecoin reinforces the trend towards blockchain networks that offer greater scalability and lower operating costs.

The PYUSD stablecoin, which is backed by dollar reserves, is available on PayPal and Venmo platforms, providing a safe and efficient alternative for digital transactions. PYUSD currently ranks fifth in the ranking of the largest stablecoins, with a market cap of $732 million.

PayPal Executive Says Solana Is Better Than Ethereum

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PayPal Executive Says Solana Is Better Than Ethereum

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PayPal Executive Says Solana Is Better Than Ethereum

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