Ethereum

Solana

PayPal USD

LayerZero

PayPal’s stablecoin PYUSD has integrated LayerZero to facilitate smoother transfers between Ethereum and Solana. The intention is to make such transactions more efficient by minimizing liquidity fragmentation, which, according to the corporation, should provide users and businesses with faster, more secure, and more inexpensive options.
<h3 class="wp-block-heading" id="span-style-font-weight-400-layerzero-integration-boosts-seamless-transactions-for-pyusd-holders-span">LayerZero integration boosts seamless transactions for PYUSD holders</h3>
PayPal’s senior vice president, Jose Fernandez da Ponte, highlighted the benefits of integration for PYUSD holders. He emphasized the added seamlessness and flexibility that LayerZero technology provides for such consumers.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🔵 PayPal USD (PYUSD) integrates LayerZero to connect across chains, enabling seamless transfers between Ethereum and Solana. By utilizing LayerZero, users who self-custody their PYUSD tokens can seamlessly transfer assets between blockchains — without needing to rely on… <a href="https://t.co/4MxgW8bzYV" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/4MxgW8bzYV</a>— LayerZero (@LayerZero_Core) <a href="https://twitter.com/LayerZero_Core/status/1856487258943259134?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">November 13, 2024</a>
</blockquote>
According to the statement:
<blockquote class="is-layout-flow wp-block-quote-is-layout-flow">
 “The integration eliminates liquidity fragmentation and ensures fast, secure, and cost-effective transactions for both users and businesses.”
 <cite>~ LayerZero</cite>
</blockquote>
As per DeFiLlama’s data, the market cap of PYUSD on Ethereum has remained relatively stable in recent months, hovering around $350 million. However, its supply on Solana has dropped significantly, from over $660 million in August to just $186 million.
<h3 class="wp-block-heading" id="span-style-font-weight-400-layerzero-s-oft-standard-facilitates-secure-cross-chain-transfers-for-pyusd-span">LayerZero’s OFT standard facilitates secure, cross-chain transfers for PYUSD</h3>
LayerZero said that PYUSD now uses its Omnichain Fungible Token (OFT) Standard to enable the cross chain transfers. According to LayerZero Labs’ CEO Bryan Pellegrino, the OFT standard unlocks a new level of interoperability for stablecoins.
To improve security, PayPal’s collaboration with Paxos and LayerZero to ensure that the PYUSD currency transfer process undergoes verification checks during transactions with PayPal’s stablecoin PYUSD.&nbsp;
The security framework, which initially includes verifiers such as Paxos, Google Cloud, and LayerZero Labs, employs DVNs to secure transactions in a resilient and diversified security layer that protects all sizes of transfers.
The payments company is expanding its business offerings and attracting small and medium-sized businesses under the leadership of CEO Alex Chriss, who took over the company in January. Additionally, the company is working to improve the business and increase its margins, which have declined over the past few years.
PYUSD considerably lags behind dollar-pegged stablecoins Tether (USDT) and USDC. According to data from CoinMarketCap, the two leading stablecoins <a href="https://coinmarketcap.com/view/stablecoin/" rel="noopener noreferrer nofollow" target="_blank">command</a> market capitalizations of almost $118 billion and $35 billion, respectively.

PayPal’s PYUSD stablecoin now supports cross-chain transactions via LayerZero integration

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