PayPal has integrated its US Dollar-pegged stablecoin, PYUSD, with LayerZero's cross-blockchain bridging protocol to facilitate native transfers between the Ethereum and Solana networks. Announced on November 12, this integration utilizes LayerZero's Omnichain Fungible Token (OFT) Standard, allowing users to transfer assets between blockchains without relying on centralized platforms like Venmo or PayPal. Although PYUSD's market capitalization has decreased from August, with circulation significantly shifting to Ethereum, this move aims to enhance accessibility for users. PayPal recently launched PYUSD on Solana, partnering with Crypto.com, Phantom, and Paxos, and collaborated with MoonPay to allow users to purchase cryptocurrencies via PayPal. Despite these advancements, PYUSD continues to trail behind leading dollar-pegged stablecoins Tether and USDC, which have market capitalizations of nearly $118 billion and $35 billion, respectively.

Source 🔗