PayPal’s dollar-denominated stablecoin, PYUSD, now uses the LayerZero platform to facilitate fast, secure, and efficient transfers between the Ethereum and Solana networks. This new integration enables cost-effective, fast, and secure transactions for both individuals and businesses.
After the partnership was announced, the price of LayerZero’s native token, ZRO, increased by 8% to $3.94, but the overall market decline caused ZRO to give back its gains.
According to the data, the market value of PYUSD on the Ethereum network has remained stable at around $350 million in recent months, while the supply on Solana decreased from $660 million to $186 million in August.
Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital assets, said that PYUSD users will be very pleased with the flexibility and ease of use that LayerZero offers.
According to the statement, LayerZero’s Omnichain Fungible Token (OFT) standard introduces a new level of interoperability for stablecoins, enabling transfers between the Ethereum and Solana networks.
LayerZero Labs CEO Bryan Pellegrino emphasized that thanks to this integration, PYUSD will be able to move seamlessly between Ethereum and Solana, and users will be able to use their tokens on any network they want, whenever they want. This development significantly increases the interaction of stablecoins between different blockchains.
