Following the announcement of PayPal's own cryptocurrency PayPal USD (PYUSD), TRON founder Justin Sun proposed a collaboration with the company to launch PYUSD on the TRON network.
In a tweet published on Monday, Sun said he invited PayPal to consider issuing PYUSD on TRON, which he claims is fast, secure and cost-effective with 12 billion USD daily transactions.
Sun added that there are mutual advantages in the digital payment environment and that he looks forward to working with PayPal for a thriving ecosystem.
The Ethereum network is especially criticized for its high transaction fees, and its usage is limited because of this.
Sun's proposal comes after PayPal announced that it will launch PYUSD, a US dollar-denominated stablecoin fully backed by US dollar deposits, short-term Treasury bonds and similar cash equivalents.
PayPal said that PYUSD is designed to add to the opportunity offered by stablecoins for payments and is refundable at a ratio of 1:1 against the US dollar.
PYUSD will be issued by the Paxos Trust Company, a regulated trust company and custodian of digital assets. PayPal also said that PYUSD is an ERC-20 token issued on the Ethereum blockchain.
However, it has been learned that PayPal is preparing to issue the token on the Solana network, working with the previously sunk cryptocurrency exchange FTX for the PYUSD token. According to two sources close to the matter, the two parties signed a cooperation agreement on the matter, but work was suspended due to the sinking of FTX.
*Not investment advice.
