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

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

Sep 16, Wed

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Author Irene Q.

Yesterday 02: 54

The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Yesterday 02: 45

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Popular Symbols