PayPal's U.S.-dollar pegged stablecoin is now using LayerZero to streamline transfers between Ethereum and Solana, according to a statement released on Tuesday.
"The integration eliminates liquidity fragmentation and ensures fast, secure, and cost-effective transactions for both users and businesses," according to the statement.
PYUSD on Ethereum's market cap has remained relatively unchanged in recent months, at about $350 million, according to The Block Data Dashboard. The stablecoin's supply on Solana, however, has plummeted from over $660 million in August to $186 million, according to a Dune Analytics dashboard.
"We believe that PYUSD holders will welcome the flexibility and convenience offered by LayerZero,” said Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, cryptocurrency, and digital currencies, according to Tuesday's statement.
LayerZero's Omnichain Fungible Token, or OFT, is what now makes the transfers between Ethereum and Solana possible, the statement also said. "The OFT standard unlocks a new level of interoperability for stablecoins,” added LayerZero Labs' CEO Bryan Pellegrino. "By using LayerZero, PYUSD can move seamlessly between Ethereum and Solana, helping holders move their tokens between chains to use how they want and when they need to."
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