PayPal Adds Stablecoin to Memecoin-Favorite Solana Blockchain

PayPal Holdings Inc., the first large financial company to roll out a stablecoin, is adding its PayPal USD token to the Solana blockchain that is popular with issuers of memecoins.

The online payments company launched PYUSD on the Ethereum blockchain in August and later added the dollar-pegged currency to its Venmo peer-to-peer payments service in September.

Solana’s speed and low transaction fees drew PayPal to the blockchain, according to Jose Fernandez da Ponte, senior vice president of the San Jose, Calif.-based company’s blockchain, cryptocurrency and digital currency group. Solana currently measures at 1,423 transactions per second (tps), according to ...