PayPal has introduced cross-chain transfers of its PYUSD stablecoin between Ethereum and Solana through its integration with the LayerZero protocol.
Benefits of LayerZero Integration
On November 12, LayerZero announced that PYUSD now utilizes the Omnichain Fungible Token standard, allowing users to securely transfer assets between blockchains without relying on centralized platforms like Venmo or PayPal.
Changes in PYUSD Market Cap
PYUSD's market capitalization has seen significant changes recently. On August 26, it reached a record high of $1 billion, with $660 million circulating on Solana and $340 million on Ethereum. As of publication, the total market cap has decreased to $513 million, with $166 million on Solana and $384 million on Ethereum, according to DefiLlama.
Expanding Access and Partnerships
PayPal is taking steps to expand PYUSD's accessibility, including working with Anchorage Digital on a rewards program. In May, PayPal launched PYUSD on Solana, partnering with Crypto.com, Phantom, and Paxos, and collaborated with MoonPay.
Despite its successes, PYUSD significantly lags behind Tether and USDC, which continue to dominate the stablecoin market.
