Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

PayPal’s PYUSD stablecoin now supports cross-chain transactions via LayerZero integration

Source Cryptopolitan

PayPal’s stablecoin PYUSD has integrated LayerZero to facilitate smoother transfers between Ethereum and Solana. The intention is to make such transactions more efficient by minimizing liquidity fragmentation, which, according to the corporation, should provide users and businesses with faster, more secure, and more inexpensive options.

LayerZero integration boosts seamless transactions for PYUSD holders

PayPal’s senior vice president, Jose Fernandez da Ponte, highlighted the benefits of integration for PYUSD holders. He emphasized the added seamlessness and flexibility that LayerZero technology provides for such consumers.

🔵 PayPal USD (PYUSD) integrates LayerZero to connect across chains, enabling seamless transfers between Ethereum and Solana.

By utilizing LayerZero, users who self-custody their PYUSD tokens can seamlessly transfer assets between blockchains — without needing to rely on… pic.twitter.com/4MxgW8bzYV
— LayerZero (@LayerZero_Core) November 13, 2024

According to the statement:

“The integration eliminates liquidity fragmentation and ensures fast, secure, and cost-effective transactions for both users and businesses.”

~ LayerZero

As per DeFiLlama’s data, the market cap of PYUSD on Ethereum has remained relatively stable in recent months, hovering around $350 million. However, its supply on Solana has dropped significantly, from over $660 million in August to just $186 million.

LayerZero’s OFT standard facilitates secure, cross-chain transfers for PYUSD

LayerZero said that PYUSD now uses its Omnichain Fungible Token (OFT) Standard to enable the cross chain transfers. According to LayerZero Labs’ CEO Bryan Pellegrino, the OFT standard unlocks a new level of interoperability for stablecoins.

To improve security, PayPal’s collaboration with Paxos and LayerZero to ensure that the PYUSD currency transfer process undergoes verification checks during transactions with PayPal’s stablecoin PYUSD.

The security framework, which initially includes verifiers such as Paxos, Google Cloud, and LayerZero Labs, employs DVNs to secure transactions in a resilient and diversified security layer that protects all sizes of transfers.

The payments company is expanding its business offerings and attracting small and medium-sized businesses under the leadership of CEO Alex Chriss, who took over the company in January. Additionally, the company is working to improve the business and increase its margins, which have declined over the past few years.

PYUSD considerably lags behind dollar-pegged stablecoins Tether (USDT) and USDC. According to data from CoinMarketCap, the two leading stablecoins command market capitalizations of almost $118 billion and $35 billion, respectively.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Sep 22, Tue

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Sep 23, Wed

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

Sep 23, Wed

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

Yesterday 06: 46

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Popular Symbols