Forget ETH, PayPal Focuses On SOL Anyway!


"Just wanted to ask between ETH and SOL, which one do you want to go higher?"

PayPal, the leading payment platform recently announced that PayPal USD (PYUSD) stablecoin is now running on Solana (SOL) which will bring significant benefits for trading use cases.

Following SOL is the blockchain network behind the fifth largest crypto by market capitalization, the digital asset that wants to compete with Ethereum (ETH) will provide a faster network for developers to build anything from games to decentralized finance (DeFi) applications.

In addition to the fact that transactions can be processed quickly and cheaply, PayPal also confirmed once again that SOL is very suitable for PYUSD as it continues to be used for payment use cases.

According to Jose Fernandez da Ponte, PayPal's Senior Vice President of the blockchain, crypto and digital currency group has said that SOL will realize its goal of allowing a digital currency with stable value designed for trade including payments.

For context, PYUSD is a dollar-pegged stablecoin backed by short-term cash and treasury parity that successfully launched last year where it also runs on ETH.

Stablecoin is a type of digital asset based on something stable, usually dollars, which allows crypto users to store it on the blockchain, but it should be noted that its price will not see significant fluctuations like other cryptocurrencies.

As of this writing, SOL price jumped by 0.42% to $169 in the last 24 hours with a market cap of over $78 billion but still recorded a 4.54% decline over the last week.