PayPal USD (PYUSD) has now added LayerZero to streamline transfers between Ethereum and Solana. In an official announcement on X, LayerZero, the leading interoperability protocol stated that the integration will enable a seamless transfer between the blockchains. The PYUSD will improve digital commerce, making transfers faster and more accessible, thereby enhancing the future of blockchains.
The protocol uses the Omnichain Fungible Token (OFT) Standard, which helps the PYUSD token holders to move their funds effortlessly between blockchains. This will help them to reduce their reliance on centralized platforms like PayPal or Venmo. Further, the integration reduces liquidity, ensuring a safe and quick transfer. Also, it is cost-effective, which benefits both users and businesses. Elaborating on its benefits, the CEO of LayerZero Labs, Bryan Pellegrino, said,
The OFT standard unlocks a new level of interoperability for stablecoins. By using LayerZero, holders can move their tokens between chains to use how they want and when they need to.
Pellegrino stated that each PYUSD transfer is secured by both PayPal’s USD and Paxos’ Decentralized Verifier Networks (DVNs). Further, at launch, the security stack will include Paxos, Google Cloud, and the DVNs as verifiers. This ensures flexibility and protection for all transactions, irrespective of their size. Further, Paxos has the authority to retain or replace verifiers, assuring security and preventing lock-in risks.
PayPal Introduces Crypto Services for U.S. Business AccountsEarlier this year, PayPal launched PYUSD on Solana to improve its payment transfers. Users were able to access the stablecoin through PayPal, Paxos, Phantom, and Venmo. Also, it transferred funds from Ethereum to Solana without additional fees, improving the speed and scalability of the Solana network.
Further, this collaboration enhances the network’s technical strength to create an enriched payment experience by easing the accessibility for cross-border transfers in keeping check with regulatory guidelines.
