PayPal USD Expands to Ethereum and Solana with LayerZero Integration
PayPal’s stablecoin, PayPal USD (PYUSD), has now integrated with LayerZero, a cross-blockchain bridging protocol, allowing seamless transfers between Ethereum and Solana.
The integration uses LayerZero’s Omnichain Fungible Token (OFT) Standard, enabling users who self-custody their PYUSD to move assets across these two networks without needing centralized platforms like Venmo or PayPal.
PYUSD’s market performance has seen significant fluctuations in recent months. In August, it reached a peak market capitalization of $1 billion, with more than $660 million circulating on Solana and $340 million on Ethereum. However, the current market cap stands at $513 million, with Solana holding only $166 million of the supply and Ethereum accounting for $384 million, according to DefiLlama.
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To enhance PYUSD’s reach, PayPal has worked with Anchorage Digital to create a rewards program for users who hold PayPal USD with the custodian. Additionally, PayPal’s efforts to broaden PYUSD’s availability included its May launch on Solana, in partnership with Crypto.com, Phantom, and Paxos, as well as collaborations with MoonPay to facilitate crypto purchases via PayPal accounts.
Despite these initiatives, PYUSD still trails behind the larger stablecoins, Tether (USDT) and USD Coin (USDC), which dominate the stablecoin market with valuations of around $118 billion and $35 billion, respectively.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
