LayerZero enables PYUSD expansion to Ethereum, Solana for seamless transactions
LayerZero enables seamless PYUSD transfers between Ethereum and Solana
LayerZero, an interoperability protocol, announced its integration with PayPal’s stablecoin, PayPal USD (PYUSD), using LayerZero’s Omnichain Fungible Token (OFT) standard. This integration will allow seamless transfers of PYUSD between Ethereum and Solana blockchains, aiming to enhance liquidity and accessibility.
The partnership removes liquidity fragmentation, enabling fast, secure, and cost-effective transactions that benefit both individual users and businesses.
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PYUSD holders can now self-custody their tokens and conduct cross-chain transfers independently, bypassing centralized platforms like PayPal and Venmo. By offering users more control, LayerZero allows PYUSD holders to leverage the unique strengths of both the Ethereum and Solana ecosystems without relying on intermediaries.
“The OFT standard unlocks a new level of interoperability for stablecoins,” said Bryan Pellegrino, CEO of LayerZero Labs. “With LayerZero, PYUSD can move seamlessly between Ethereum and Solana, helping holders transfer their tokens between chains to use as they see fit and when needed.”
Enhanced security and flexibility with decentralized verifiers
PYUSD cross-chain transfers are secured by an advanced security stack, managed through a carefully selected group of Decentralized Verifier Networks (DVNs), including networks from Paxos, Google Cloud, and LayerZero Labs. This robust setup offers reliable, diverse, and enterprise-level security, safeguarding PYUSD transactions across both blockchains. Additionally, Paxos maintains flexibility to replace or expand these verifiers as needed, ensuring a consistently secure environment and avoiding vendor lock-in risks.
“We believe that PYUSD holders will welcome the flexibility and convenience LayerZero offers,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. The integration aligns with PayPal’s goal to expand user choices and promote blockchain-based commerce.
Enabling the future of decentralized digital payments
The LayerZero OFT standard facilitates users’ choice of blockchain networks, allowing PYUSD holders to decide whether to transact on Ethereum or Solana. This cross-chain functionality supports PYUSD’s mission of providing faster, more accessible digital payments, representing a forward-looking approach to digital commerce.
As LayerZero and PayPal continue to innovate, PYUSD is expected to play a key role in evolving the blockchain-based commerce landscape, offering a glimpse into a more interoperable and decentralized financial future.
Previously, PayPal announced a major expansion of its cryptocurrency services, allowing its U.S.-based business customers to buy, hold, and sell cryptocurrency directly from their PayPal business accounts.
