cryptonews.net
PayPal’s U.S. dollar-pegged stablecoin is now using LayerZero to streamline transfers between Ethereum and Solana, according to a statement released Tuesday. The integration eliminates liquidity fragmentation and enables fast, secure, and cost-effective transactions for both users and businesses, the statement said.
PYUSD’s market cap on Ethereum has remained relatively flat in recent months, at around $350 million, according to the Block Data dashboard. However, the stablecoin’s supply on Solana has plummeted from over $660 million in August to $186 million, according to the Dune Analytics dashboard.
LayerZero’s Omnichain Fungible Token, or OFT, is what now enables transfers between Ethereum and Solana, the statement also said. The OFT standard opens up a new level of interoperability for stablecoins. Using LayerZero, PYUSD can move seamlessly between Ethereum and Solana, helping holders move their tokens between chains.
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