PayPal's PYUSD (USD stablecoin) partners with LayerZero to broaden its reach across various blockchain networks.
In a significant move for the digital asset landscape, PayPal's US dollar stablecoin, PYUSD, has integrated with LayerZero, a company that developed the interoperability protocols, founded by Bryan Pellegrino and Ryan Zarick in 2021. This integration has expanded PYUSD's availability to nine additional blockchain networks, including Tron, Avalanche, Sei, Aptos, Ethereum, Solana, Arbitrum, Stellar, and its native deployments.
Bryan Pellegrino, LayerZero's co-founder and CEO, expressed his excitement about this development, stating, "Launches like this indicate the start of a global financial market that transcends borders and operates continuously."
The cross-chain availability of PYUSD is powered by LayerZero's Stargate Hydra bridge and Omnichain Fungible Token (OFT) standard. This integration will allow for seamless transactions across different blockchain networks, making PYUSD more accessible and usable for a wider audience.
To enhance user experience further, a version of PYUSD called PYUSD0 will be introduced. This fully fungible token will be part of the same liquidity pool across supported networks, enabling users to easily trade and use PYUSD across different networks.
The expansion of PYUSD to multiple blockchain networks will likely increase competition in the stablecoin market, as PYUSD is now in direct competition with other large stablecoins in the DeFi space. This competition is expected to drive innovation and improve services for users.
The integration with LayerZero is a significant step for PayPal in its digital asset strategy. By leveraging LayerZero's technology, PayPal aims to provide its users with a seamless and efficient digital asset experience, paving the way for a more interoperable and accessible digital economy.
Read also:
- Trump and Xi speak over the phone, according to China's confirmation.
- Unlawful MMO gold peddler cultivates around half a million dollars in income, triggering a tax dispute, followed by developers unveiling strategies to clamp down on real-world transactions
- Prices of transit tickets in Berlin and Brandenburg are on the rise
- Linde Wins Major Engineering Design Contract for Equinor's Low Carbon Hydrogen Project at H2H Saltend, Progressing Towards a Greener Future
%20partners%20with%20LayerZero%20to%20broaden%20its%20reach%20across%20various%20blockchain%20networks.){kind=link}