bitcoin
bitcoin

$90567.51 USD 

3.61%

ethereum
ethereum

$3205.41 USD 

1.36%

tether
tether

$1.00 USD 

-0.06%

solana
solana

$221.36 USD 

7.35%

bnb
bnb

$637.76 USD 

5.05%

dogecoin
dogecoin

$0.397909 USD 

7.02%

xrp
xrp

$0.704321 USD 

7.18%

usd-coin
usd-coin

$0.999851 USD 

0.00%

cardano
cardano

$0.574394 USD 

8.30%

tron
tron

$0.181452 USD 

3.18%

shiba-inu
shiba-inu

$0.000026 USD 

8.54%

toncoin
toncoin

$5.44 USD 

4.55%

avalanche
avalanche

$33.38 USD 

4.73%

sui
sui

$3.34 USD 

10.07%

pepe
pepe

$0.000022 USD 

75.97%

Cryptocurrency News Articles

LayerZero Integrates with PayPal's Stablecoin PYUSD to Enhance Liquidity and Accessibility

Nov 13, 2024 at 01:26 pm

LayerZero, an interoperability protocol, announced its integration with PayPal's stablecoin, PayPal USD (PYUSD), using LayerZero's Omnichain Fungible Token (OFT) standard.

LayerZero Integrates with PayPal's Stablecoin PYUSD to Enhance Liquidity and Accessibility

LayerZero, a protocol for interoperability, announced on Monday its integration with PayPal’s stablecoin, PayPal USD (PYUSD), using LayerZero’s Omnichain Fungible Token (OFT) standard. This integration will enable seamless transfers of PYUSD between the Ethereum and Solana blockchains.

The partnership aims to enhance liquidity and accessibility by removing liquidity fragmentation, enabling fast, secure, and cost-effective transactions that benefit both individual users and businesses.

PYUSD holders can now self-custody their tokens and conduct cross-chain transfers independently, bypassing the need for centralized platforms like PayPal and Venmo. LayerZero provides users with more control, allowing PYUSD holders to leverage the unique strengths of both the Ethereum and Solana ecosystems without relying on intermediaries.

“The OFT standard unlocks a new level of interoperability for stablecoins,” said Bryan Pellegrino, CEO of LayerZero Labs. “With LayerZero, PYUSD can move seamlessly between Ethereum and Solana, helping holders transfer their tokens between chains to use as they see fit and when needed.”

PYUSD cross-chain transfers are secured by an advanced security stack, managed through a carefully selected group of Decentralized Verifier Networks (DVNs), including networks from Paxos, Google Cloud, and LayerZero Labs. This robust setup offers reliable, diverse, and enterprise-level security, safeguarding PYUSD transactions across both blockchains. Additionally, Paxos maintains the flexibility to replace or expand these verifiers as needed, ensuring a consistently secure environment and avoiding vendor lock-in risks.

“We believe that PYUSD holders will welcome the flexibility and convenience LayerZero offers,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. The integration aligns with PayPal’s goal to expand user choices and promote blockchain-based commerce.

The LayerZero OFT standard facilitates users’ choice of blockchain networks, allowing PYUSD holders to decide whether to transact on Ethereum or Solana. This cross-chain functionality supports PYUSD’s mission of providing faster, more accessible digital payments, representing a forward-looking approach to digital commerce.

As LayerZero and PayPal continue to innovate, PYUSD is expected to play a key role in evolving the blockchain-based commerce landscape, offering a glimpse into a more interoperable and decentralized financial future.

Previously, PayPal announced a major expansion of its cryptocurrency services, allowing its U.S.-based business customers to buy, hold, and sell cryptocurrency directly from their PayPal business accounts.

News source:tradersunion.com

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Nov 14, 2024