PayPal’s Stablecoin Integrates with LayerZero
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PayPal’s stablecoin, PayPal USD, has integrated with LayerZero, a cross-blockchain bridging protocol. This will allow for easier transfers between Ethereum and Solana.
In a statement on November 12, LayerZero explained that PYUSD will now use their Omnichain Fungible Token (OFT) Standard to enable these crosschain transfers.
This integration will benefit users who self-custody their tokens, eliminating the need for centralized platforms such as Venmo or PayPal.
The distribution of PYUSD across Ethereum and Solana has also changed recently. On August 26th, PYUSD reached a peak market cap of $1 billion, with over $660 million circulating on the Solana network and $340 million on Ethereum.
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