PayPal's USD stablecoin can now be transferred between Ethereum and Solana through LayerZero. PayPal stated that this integration aims to eliminate liquidity fragmentation and ensure that users and businesses can conduct transactions quickly, safely, and cost-effectively. The market value of PYUSD on Ethereum has remained relatively stable in recent months, at around $350 million, while the supply of stablecoins on Solana has decreased from $660 million in August to $186 million.
Jose Fernandez da Ponte, Senior Vice President at PayPal, said that PYUSD holders will benefit from the flexibility and convenience provided by LayerZero. Bryan Pellegrino, CEO of LayerZero Labs, added that the Omnichain fungible token (OFT) standard has opened up a new level of interoperability for stablecoins, allowing PYUSD to move seamlessly between Ethereum and Solana.
