PayPal Adds Stablecoin To Solana Blockchain 22
Last August, PayPal became the first major financial company to roll out a stablecoin. Labeled PayPal USD, or PYUSD, the coin was issued on the Ethereum blockchain and "fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents." Now, the financial company is adding Solana as an option, "making PayPal's stablecoin faster and cheaper to use."
"The Solana blockchain is known for processing massive amounts of transactions at high speeds with extremely low costs, providing significant benefits for commerce use cases," says the company in a press release. "As the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain to run tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases."
"The Solana blockchain is known for processing massive amounts of transactions at high speeds with extremely low costs, providing significant benefits for commerce use cases," says the company in a press release. "As the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain to run tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases."
What does this do for me? (Score:2)
Am I going to be paying my drug dealer in Solana? You know using that fancy anonymous blockchain technology complete with name address and receipt issued by PayPal?
This has got to be the dumbest fusion of pointlessness since ... well since Paypal rolled out its own stable coin.
Re: What does this do for me? (Score:3)
No you pay your drug dealer in Monero.
This is just a (for now) lower transaction fee, higher speed way to trade Paypal's stablecoin- instead od the system of record being Ethereum, it can be Solana instead.
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I'm not sure what argument you thought you just made, but it seems to be that you can start a successful transaction business without the use of crypto bullshit and stable coins. After all, that's how Elon Musk and Peter Thiel got rich. That's what you're saying right, agreeing with the GP that stablecoins are pointless?
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That's not what a stable coin is. Like... at all.
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It was the 90s, you can't compare the modern idea
You're right, so you should stop doing it.
Retarded take on stablecoins (Score:1)
"Real money" has higher transfer costs than modern stable coins unless you use ACH. The fees associated with credit card processing and PayPal are much higher than working with USDC, which is why PayPal is getting into this game.
Coinbase has already created its own competitor to Stripe where merchants can accept crypto and liquidate instantly to cash on Coinbase. USDC has $0 buy/sell fees on Coinbase. Sending USDC to a merchant that uses Coinbase's
Re: What does this do for me? (Score:2)
It will make you lots of money if there is a way to short it.
Blahblahblahblah (Score:1)
Why? (Score:3)
Re: Why? (Score:2)
I know what they should do (Score:2)
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Just say you want a golden shower, no need to tapdance around it, we're all adults here.
I Wonder Why? (Score:2)
Could it be Paypal finally trying to slip the yoke of the credit card companies and their BS requirements on transactions? Here's hoping.
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Not really. Paypal to paypal transfers don't involve a credit card company. For bank to Paypal transfers, credit/debit card is one of the options.
I don't really see how blockchain offers any advantages over their existing database system. Blockchain deals with the problem of someone editing the raw database files with a hex editor, but that doesn't really happen. People attack it in other ways, and those other ways are still vulnerable in a blockchain system.
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Paypal is not better than credit card companies.
NOPE to all Crypto (Score:3)
Just when you thought (Score:2)
He crawls from bowls of cold soup (Score:2)