PayPal's native stablecoin, PYUSD, has integrated cross-chain bridge LayerZero to enable transfers between Ethereum and Solana.
Background
- Cross-chain transfers will enable users who self-custody their tokens to transfer assets between blockchains effortlessly
- Centralized platforms like Venmo and PayPal will be eliminated from the equation
- PayPal launched its native stablecoin, PYUSD, on the Solana blockchain earlier this year
- Meanwhile, it was first launched in 2023 on the Ethereum mainnet
Why should you pay attention?
- Transfers between Ethereum and Solana will be made possible with the help of LayerZero's Omnichain Fungible Token [OFT] standard
- The OFT standard unlocks a new level of interoperability for stablecoins
- By using LayerZero, PYUSD can move seamlessly between Ethereum and Solana
Who said what?
- The team emphasized,
"The integration eliminates liquidity fragmentation and ensures fast, secure, and cost-effective transactions for both users and businesses"
- Commenting on how this integration would benefit users, Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, crypto, and digital currencies said,
"We believe that PYUSD holders will welcome the flexibility and convenience offered by LayerZero”
In other related news
- In Q3, the payment giant unveiled its plans to allow US merchants to buy, hold, and sell crypto assets directly from their business account accounts
- This opened the doors for merchants to transfer crypto on-chain to eligible third-party wallets externally
- Alongside, this granted PayPal business account holders the ability to send and receive supported crypto tokens to and from external blockchain addresses
