PayPal’s Stablecoin Starts Using LayerZero to Enable Ethereum and Solana Transfers

PayPal has announced that its stablecoin, which is pegged to the U.S. dollar, is now utilizing LayerZero to optimize transfers between Ethereum and Solana.

This integration aims to eliminate liquidity fragmentation and improve the speed, security, and cost-effectiveness of transactions for both users and businesses.

The market cap of PYUSD on Ethereum has remained stable at around $350 million, while its supply on Solana has significantly decreased from over $660 million in August to $186 million according to Dune Analytics.

Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currencies, stated that the company believes PYUSD holders will appreciate the convenience and flexibility offered by LayerZero.