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LayerZero Integrates PYUSD for Seamless Blockchain Transfers in Self-Custod

LayerZero integrates PYUSD for seamless blockchain transfers between Solana and Ethereum.

3 minNovember 14, 2024

Highlights:

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LayerZero integrates PYUSD for seamless transfers between Solana and Ethereum blockchains.

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Users gain more control, avoiding centralized services and reducing liquidity issues.

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Stablecoin market growth boosts liquidity and commerce, especially in decentralized finance.

LayerZero Integrates PYUSD for Seamless Blockchain Transfers in Self-Custod

PayPal has just made a significant move by integrating PYUSD with LayerZero’s Omnichain Fungible Token (OFT) Standard. This new connection allows for easy transfers between Solana and Ethereum blockchains. 

 

Users can now transfer PYUSD without relying on centralized services like PayPal or Venmo. This upgrade promises faster, safer, and cheaper transactions, while also reducing liquidity issues in the crypto market.

 

LayerZero’s Role in PYUSD Transfers

 

 

LayerZero’s interoperability protocol enhances the flexibility of PYUSD. With the OFT Standard, stablecoins now transfer smoothly between blockchains. PYUSD holders can now move tokens between Solana and Ethereum without depending on middlemen. 

 

This integration ensures users maintain full control over their assets. Bryan Pellegrino, CEO of LayerZero Labs, emphasized how this change expands stablecoin possibilities. With LayerZero’s support, PYUSD can now be transferred seamlessly across multiple blockchains. 

 

Secure and reliable transfers are assured. This guarantee has been attributed to decentralized Verifier Networks (DVNs) like Paxos, Google Cloud, and LayerZero Labs.

 

Boosting Blockchain Commerce and Liquidity

 

The timing of this integration aligns with the growing stablecoin market. Tether (USDT) and Circle (USDC) dominate with market caps of $118 billion and $35 billion, respectively. 

 

While PYUSD still trails behind, the overall growth in stablecoins signals rising liquidity and market activity. USDC’s supply on Solana grew by 14%, reaching nearly $2.9 billion. As decentralized finance (DeFi) protocols gain traction on Solana, stablecoins like PYUSD play a crucial role. 

 

This growth further strengthens the liquidity and commerce within blockchain ecosystems. In conclusion, LayerZero’s integration helps PYUSD holders fully engage in this booming market.

 

 

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