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PayPal launches its stablecoin on the Solana blockchain to expand market share

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Payment giant PayPal has officially deployed its fiat-backed stablecoin, PayPal USD (PYUSD/USD) on the Solana blockchain, which is popular for its cheap, quick transactions and the backing of numerous ecosystem applications.

According to its official statement, this integration makes PYUSD transactions faster and cheaper, offering users increased flexibility and control by providing the option to use multiple blockchains.

The integration with Solana ensures that PayPal and Venmo wallets display PYUSD as a unified balance. Users can choose to send PYUSD on either the Ethereum or Solana blockchains when transferring to external wallets.

Additionally, PYUSD is now available for purchase on platforms like Crypto.com, Phantom, and Paxos.

The timing of PayPal’s announcement coincides with a surge in the stablecoin market. Ripple said in April it plans to launch a stablecoin designed primarily for enterprise clients, alongside XRP, later this year.

“The availability of PYUSD on the Solana blockchain supports our goal of enabling a stable digital currency for commerce and payments,” said Jose Fernandez da Ponte, VP of crypto business at PayPal.

“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous. Adoption by industry participants like PayPal drives the next generation of fintech innovation,” added Sheraz Shere, GM of Payments at Solana Foundation.

Solana has made a name for itself with its high throughput, handling about 65,000 transactions per second (TPS), while Ethereum processes around 30 TPS. This big difference is attributed to Solana’s Proof of History (PoH) mechanism combined with the Proof of Stake (PoS) model, which speeds up transaction and block validation.

PayPal became the first major financial services company to release a public stablecoin with the introduction of PYUSD last August. Issued by Paxos Trust Co. and pegged to the dollar, PYUSD allows customers to redeem it for dollars, use it for purchases, and buy other cryptocurrencies.

Despite numerous efforts to expand the utility of its PYUSD stablecoin, USDC and Tether’s USDT still account for nearly 99% of the stablecoin market on Solana.

Stablecoins are among the most successful real-world applications of crypto technology, and they are increasingly being used to pay for goods and services in various parts of the world.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Eyitayo Iyortim Appointed new President of AfTLD

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A Nigerian, Mrs. Eyitayo Iyortim, has been appointed as the new chairperson/president, Africa Top Level Domains [AfTLD].

Eyitayo Iyortim, AfTLD

According to a report by Techeconomy, AfTLD confirmed the appointment, by the Organisation Executive Committee, of Mrs Iyortim from Nigeria (.NG) as the Chairperson of the Executive Committee and President of the Organization.

She will be deputized by Prof Idrissa Sarr, vice president and the manager of the.SN ccTLD.

Mr Joel Karubiu from Kenya (.KE) continues as the Treasurer.

The newly elected Executive Committee members are Mr. Molehe Wesi, Chief Executive Officer .ZA Domain Name Authority (.ZA) and Deo Gratias Tonouhewa Manager JenySAS operator (.BJ).

Other members of the Executive Committee include Ms. Grace Ingabire, Chief Executive Officer of Rwanda Information and Communications Technology Alliance (.RW), and Mr. Molupe Molupe, Manager of Lesotho Network Information Centre (.LS)

Who is Eyitayo Iyortim?

Eyitayo Iyortim is the immediate past chief operating officer of the qA).

She has a Masters in Organisational Psychology from the University of Manchester, UK.

Eyitayo has over 20 years’ experience in Project Management, Training solutions, Talent Management Solutions,  Organisational Transformation, Culture re-enginerring, IT Sales and Services.

She has worked for local and global brands which includes SAP, focus on the Family, Nigeria Internet Registration Association to mention a few.

She also consults on ERP, Digitalisation and HR projects.

Eyitayo has worked in project teams for many top-tier organisations in Nigeria including NNPC, FIRS, Dangote, UAC, NLNG.

She is a member of the British Psychological Society with CPDs in Employee Management, Relationships at Work and Assessment Centre Management.

She is also certified in Ability and Personality testing, Project Management and Life Coaching.

AFTLD

AfTLD is recognized as the representative of country code Top Level Domain (ccTLD) managers from Africa.

It is an active participant in the ICANN ccNSO, and also actively participates in various Internet governance fora with the African continent and beyond, including the IGF, where it has run a number of workshops.

With collaboration in Internet governance and development a cornerstone of the bottom-up policy development processes that make the Internet truly a multi-stakeholder phenomenon, AfTLD works in collaboration and partnership with other Regional Top-Level Domain Organizations (RTLDOs), these being APTLD, CENTR and LACTLD.


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MNOs Excite Telecom Consumers with Data Management Tips

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In a concerted effort to address widespread complaints about data depletion, Nigeria’s Mobile Network Operators (MNOs) have collaboratively launched a consumer sensitization campaign aimed at providing practical guidance for more effective data management. This initiative is designed to enhance consumer satisfaction by helping subscribers optimize their data usage.

In a unified statement, the MNOs highlighted several smart data usage behaviors that can help prevent data depletion. These include disabling automatic app updates, enabling data saver mode, and closing unused apps to prevent background data consumption.

To prevent unauthorized access and strengthen data security, the MNOs advised consumers to use stronger passwords and regularly update their hotspot and Wi-Fi passwords to prevent unauthorized access. For a seamless video streaming experience, users should ensure they have sufficient data and turn off auto-downloads to effectively manage content consumption.

With the advent of advanced network technologies like 4G, LTE, and the latest 5G, which offer ultra-fast data speeds and enhanced browsing and streaming experiences, the speed of data consumption and pattern have increased significantly. Consumers are encouraged to understand these changes and manage their data usage accordingly.

“It is important for consumers to familiarize themselves with the specific terms and conditions of their data plans,” the MNOs emphasized.

“Different plans cater to various needs, including weekend-specific plans, social media-only plans, and regular plans configured for night use only.”

For additional tips on smarter data usage and management, consumers should visit the NCC website at https://consumer.ncc.gov.ng or the official MTN website – https://www.mtn.ng/manage-data/


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Ijesha Digital Innovation Hub Set to Graduate First Cohort Trainees

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Ijesha Digital Innovation Hub has announced the graduation ceremony of its first cohort of trainees.

Ijesha Digital Hub

Ijesha Digital Hub

The landmark event will take place on Monday, July 8th, 2024, starting promptly at 2:00 PM at the Royal Park Hotel on the beautiful campus of Olashore International School, Iloko-Ijesa.

In a press statement on Friday, Dr Adewale Alonge, Vice President, IGAD, said that after six months of intensive and globally benchmarked courses of study, “the hub is proud to graduate 48 trainees who have completed rigorous programs leading to certification in Artificial Intelligence & Machine Learning, Cybersecurity, and UI/UX Design. The graduating class includes 10 trainees in UI/UX Design, 23 in Cybersecurity, and 15 in Artificial Intelligence & Machine Learning”.

The ceremony will feature a keynote address by Sir Aladekomo, Chairman of SmartCity Resorts Plc and Founder of Chams Plc, a pioneer in the Nigerian tech industry.

“The event will be chaired by Asiwaju Yinka Fasuyi, the esteemed Asiwaju of Ijeshaland, who will also deliver remarks celebrating the achievements of the graduates and the impact of the Innovation Hub.

“The media is invited to cover this significant event, which marks a new chapter for the 48 graduates as they embark on their professional journeys equipped with cutting-edge skills and knowledge. This graduation is a testament to the hub’s commitment to providing skills development training today so that participants can build tomorrow”, Dr. Alonge said.

The Ijesha Digital Innovation Hub, an initiative of the Ijesha Global Alliance for Development (IGAD), is dedicated to advancing the social, economic, and industrial development of Ijesaland in Nigeria. IGAD, a Florida, US-registered tax-exempt non-profit organization, mobilizes the resources and talents of Ijesas across the globe to foster the development of their homeland.


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