Following its recent integration with PayPal’s PYUSD, Solana could be set to gain increased institutional interest amid a thriving SOL token. Indeed, one executive has recently discussed the natural marriage between the Solana network and institutions that are seeking to enter the blockchain space.
Robinson Burkey, the co-founder and chief commercial officer of the Wormhole Foundation, recently discussed Solana’s prevalence. Indeed, Burkley noted that what recently took place with PayPal could be the beginning of similar developments taking place in upcoming years. Subsequently, it could have a massive effect on SOL and its future price movements.
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Solana and PayPal Could be the First of Many
Throughout this year, Solana has experienced tremendous growth. 2024 has seen growing interest in meme coins, with the Solana network housing some of the most prevalent up-and-comers. Moreover, it has enjoyed several outings outperforming Ethereum in DEX volume, asserting its position in the modern Web3 landscape.
Perhaps the culmination of that, however, came when PayPal announced its PYUSD stablecoin would be expanding to the network. The dollar-pegged asset would now have access to the blockchain after debuting on Ethereum. According to one executive, Solana will continue to receive institutional interest, which could be good news for SOL.
“Solana and institutions make sense,” Robert Burkey told Cointelegraph. “Industry leaders like PayPal, Stripe, and Visa must future-proof their offerings. The best way to do that is by meeting their most forward-thinking users on the platforms they’re adopting.”
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Additionally, Burkey noted. “You’ll likely see many more institutional moments for Solana in the coming years.” Indeed, Solana’s PayPal integration is the second time such a feat has taken place. In 2023, Visa announced the USD coin would be expanding to the network. Like PYUSD, the asset would be supported by Ethereum and Solana.
These kinds of positive developments will be vital for SOL as it attempts to gain momentum. Currently, the asset is up more than 13% over the last 30 days, according to CoinMarketCap. As the network gains more attention, so too will the asset. Ultimately, it should equate to massive gains in the next several years.