PayPal's PYUSD stablecoin has been rolled out on the Solana blockchain, according to a Wednesday announcement.  

PayPal's Jose Fernandez da Ponte claims that the addition of the new stablecoin furthers the company's mission of enabling a stablecoin designed for payments and commerce. 

The addition of the Solana came nine months after the initial launch of PayPal's stablecoin. 

The payments giant claims that it chose Solana due to its cost-effectiveness. Moreover, the blockchain makes it possible to enable some unique features that will cement the stablecoin's position by improving its utility. These features include confidential transactions, transfer hooks, and fields. 

Last September, payments behemoth Visa also enhanced its stablecoin settlement capabilities with the help of Solana-based USDC. Stipe and WorldPay are among other major names that have tapped the blockchain for faster and more efficient payments.