PayPal USD (PYUSD), PayPal's stablecoin pegged to the US dollar, is now available on the Solana blockchain. This integration allows users to access PYUSD through PayPal and Venmo wallets, as well as platforms like Crypto.com, Phantom, and Paxos.

The move to Solana, the world's third-most-utilized blockchain, aims to enable faster, cheaper, and more flexible transactions for commerce and payments. Solana's high throughput, low fees, and fast settlement times make it an ideal platform for PYUSD.

PYUSD on Solana is issued by Paxos Trust Company. Users can transfer PYUSD between the Ethereum and Solana blockchains without additional fees. This integration is part of PayPal's broader foray into crypto, which includes securing a limited-purpose trust charter for its digital currency business.

PayPal is not the first payments company to embrace Solana, as Visa announced the launch of USDC settlement on the blockchain last fall.