PayPal Integrates PYUSD with LayerZero for Seamless Blockchain Transfers

user avatar

by Giorgi Kostiuk

2 years ago

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.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

chest

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.

user avatarJesper Sørensen

Shift in Airdrop Strategy Reflects Changing Market Dynamics

chest

Optimism's decision to reallocate tokens indicates a shift away from broad airdrops towards more strategic ecosystem investments.

user avatarLucas Weissmann

Optimism Governance Approves Reallocation of OP Tokens

chest

Optimism governance has approved the transfer of 5469 million OP tokens from user airdrop reserves to a Strategic Ecosystem Fund managed by the Optimism Foundation.

user avatarRajesh Kumar

Arbitrum Launches ArbOS 61 Elara Upgrade

chest

Arbitrum has activated its ArbOS 61 Elara upgrade, introducing new tools for Orbit chains and expanding contract size limits.

user avatarEmily Carter

Offchain Labs Plans to Enhance Arbitrum's Withdrawal Times with ZK Proofs

chest

Offchain Labs is working on integrating zero-knowledge proofs into Arbitrum's BoLD settlement protocol to significantly reduce withdrawal times.

user avatarFilippo Romano

Solana Validators Prepare for Governance Vote on Economic Proposals

chest

Solana validators are preparing for a governance vote on a package aimed at reducing SOL issuance pressure through fee burning and inflation reduction, with the vote scheduled for August 23.

user avatarTomas Novak

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.