PayPal's digital currency PYUSD connects with LayerZero to extend its reach across various blockchain platforms.
PayPal's U.S. Dollar Stablecoin Expands its Reach in the DeFi Space
PayPal's U.S. dollar stablecoin, PYUSD, is making waves in the Decentralised Finance (DeFi) market as it now competes with other large stablecoins. The supply of PYUSD has grown significantly, reaching a impressive $1.3 billion.
The expansion of PYUSD's reach is made possible through its integration with interoperability protocol LayerZero. As a result, PYUSD is now available on nine additional blockchain networks, including Tron, Avalanche, Sei, and Aptos, in addition to Ethereum, Solana, Arbitrum, and Stellar.
The cross-chain availability of PYUSD is powered by LayerZero's Stargate Hydra bridge and Omnichain Fungible Token (OFT) standard. A version of PYUSD called PYUSD0 will be introduced, which will be fully fungible and part of the same liquidity pool across supported networks.
Bryan Pellegrino, co-founder and CEO of LayerZero, stated that launches like this signify the start of a global financial market that breaks down borders. He did not, however, explicitly mention his role in the integration of PayPal's U.S. dollar stablecoin PYUSD into the nine additional blockchain networks.
It's worth noting that the global financial market operates around the clock, providing constant opportunities for growth and investment. For updates about PYUSD's integration and growth, consider subscribing to a relevant service.
As PYUSD continues to grow and integrate with more blockchain networks, it is clear that it is becoming a significant player in the DeFi space. The cross-chain availability of PYUSD is a testament to the potential of stablecoins to revolutionise the financial industry.
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