PayPal USD now utilizes the LayerZero protocol to simplify the transfer of funds across Ethereum and Solana blockchains, aiming to improve digital commerce and speed up transactions.
LayerZero integration with PYUSD
In an official statement on X, it was announced that LayerZero, the leading interoperability protocol, facilitates seamless transfers between blockchains. PYUSD will enhance digital commerce by making transfers faster and more accessible, thereby improving the future of blockchains.
Benefits of the OFT standard
The protocol uses the Omnichain Fungible Token (OFT) Standard, which aids PYUSD token holders in seamlessly moving their funds across blockchains. This reduces reliance on centralized platforms like PayPal or Venmo. The integration also reduces liquidity, ensuring safe and quick transfers, and is cost-effective, benefiting both users and businesses.
Leadership's perspective at LayerZero Labs
Bryan Pellegrino, CEO of LayerZero Labs, emphasized: 'The OFT standard unlocks a new level of interoperability for stablecoins. By using LayerZero, holders can move their tokens between chains to use how they want and when they need to.'
The integration of LayerZero with PYUSD is a significant step forward in improving cross-blockchain processes, offering users and businesses enhanced functionality and security in digital commerce.
