US dollar-linked stablecoin PayPal is now using LayerZero to facilitate transfers between Ethereum($ETH
and Solana($SOL
“The integration eliminates liquidity fragmentation and provides fast, secure and cost-effective transactions for users and businesses alike,” the statement said.
Ethereum's market capitalization has remained relatively flat at around $350 million in recent months, according to #PYUSD that Ethereum's market capitalization has remained relatively flat at around $350 million in recent months, according to The Block Data Dashboard. However, according to Dune Analytics, the stackcoin's supply on Solana has shrunk from more than $660 million in August to $186 million.
“We believe PYUSD holders will welcome the flexibility and convenience that LayerZero offers,” said Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, cryptocurrencies and digital currencies, according to a statement released Tuesday.
The statement also said that LayerZero's Omnichain Fungible Token, or OFT, is what now makes transfers between Ethereum and Solana possible. “The OFT stan dart opens up a new level of interoperability for stablecoins,” added LayerZero Labs CEO Brian Pellegrino. “With the power of LayerZero, PYUSD can move seamlessly between Ethereum and Solana, helping holders move their tokens between blockchains to use them the way they want, when they want.”