PayPal's PYUSD is now available on the Solana blockchain in a move that the company says will make its stablecoin faster and cheaper to use.

PayPal launched PYUSD on the Ethereum blockchain nearly a year ago but is now adding Solana as an option, providing users with flexibility and control.

Solana is known for processing massive amounts of transactions at high speeds and low costs. Popular with memecoin issuers, it is also the most used blockchain for stablecoin transfers, according to data from Artemis.

In addition to the PayPal and Venmo wallets, people can buy PYUSD on Solana via Crypto.com, Phantom and Paxos.

Jose Fernandez da Ponte, SVP, blockchain, cryptocurrency, and digital currency group, PayPal, says: "Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments."