Solana secures ‘big three’ status with PYUSD expansion, say industry experts

Last
week,
PayPal


announced
the
expansion
of
its
stablecoin
PYSUD
to
Solana,
marking
the
first
move
beyond
the
Ethereum
blockchain.
Industry
players
shared
with
Crypto
Briefing
that
this
movement
solidifies
Solana
as
one
of
the
‘big
three’
blockchains,
highlighting
that
the
blockchain
and
institutions
make
sense.

Ran
Goldi,
VP
of
Payments
at
Fireblocks,
points
out
that
Solana
is
now
“harvesting
the
fruits”
of
the
work
done
for
the
past
three
years.
He
adds
that
Solana’s
infrastructure
allows
payment
companies
to
leverage
its
blockchain
to
mimic
their
existing
flows
and
operations
while
offering
new
payment
constructs
and
attributes
to
unlock
new
abilities.

“Their
recent
adoption
by
PayPal
and
Visa
are
far
from
surprising,
and
I
believe
that
with
confidential
transfers,
a
basic
payment
requirement
for
large
volume
processors,
we
will
see
additional
names
adopting
the
blockchain
into
their
flows.
The
key,
as
I
see
it,
is
making
sure
your
blockchain
can
support
the
‘under
the
hood’
payment
requirements
for
compliance,
regulation,
and
privacy.
Doing
that,
plus
speed
and
vast
liquidity,
can
become
a
sharp
tool
in
the
hands
of
payment
institutions,”
Goldi
stated. 

Moreover,
the
move
by
PayPal
adds
traction
to
the
potential
of
Solana
becoming
a
blockchain
for
merchant
and
institutional
adoption,
said
Tristan
Frizza,
founder
of
Zeta
Markets.
He
mentions
the
previous
Solana
partnerships
with
Visa,
Stripe,
and
Shopify
Pay.

“Solana
is
seen
as
one
of
the
‘big
three’
cryptos
alongside
BTC
and
ETH,
with
many
analysts
expecting
a
Solana
ETF
soon.
Solana
is
one
of
the
fastest-growing
blockchains
in
terms
of
usage,
users,
transactions,
and
volume.
This
growth
reinforces
the
belief
that
Solana
will
be
the
backbone
of
the
future
internet,
creating
a
cycle
of
increased
institutional,
retail,
and
developer
activity.
While
institutional
adoption
is
still
in
its
early
stages,
these
signs
are
promising
for
further
acceptance
and
integration,”
Frizza
assessed.

Solana’s
relationship
with
institutions
was
also
highlighted
by
Robinson
Burkey,
CCO
and
co-founder
of
Wormhole
Foundation.
As
traditional
payment
players
need
to
make
their
offerings
future-proof,
the
implementation
of
Solana
“makes
sense.”

“The
best
way
to
do
that
is
by
meeting
their
most
forward-thinking
users
on
the
platforms
they’re
adopting.
You’ll
likely
see
many
more
institutional
moments
for
Solana
in
the
coming
years,”
Burkey
added.

Matty
Taylor,
the
co-founder
of
Colosseum,
also
sees
the
deployment
of
PYSUD
on
Solana
as
a
“massive
validation
for
all
of
the
work
the
ecosystem
has
put
in
over
the
last
year.”
Nevertheless,
he
points
out
that
this
is
just
the
tip
of
the
iceberg.