PayPal USD Connects Ethereum and Solana via LayerZero

With LayerZero, you can now interact with Ethereum and Solana using PYUSD.

Unlike Venmo, this upgrade would give PYUSD holders better control and versatility. Let’s explore PayPal USD and what it offers PayPal users.

Why LayerZero?

LayerZero enables the transfer of assets such as PYUSD from one blockchain to another. Transferring tokens from one blockchain to another can be challenging. Usually, you must use an exchange. However, PYUSD holders can have a better transaction experience with LayerZero’s OFT Standard. You can do it almost immediately if you have PYUSD on Ethereum but want to engage in the Solana network.

LayerZero Labs CEO Bryan Pellegrino says the OFT Standard brings “a completely new level of interoperability for stablecoins.” It enhances the portability of digital assets so that users can transfer assets from one chain to another. This ability to work cross-chain means that holders of PYUSD decide which chain is best suited for their needs.

Has been a total pleasure working with the @PayPal team.

There aren’t many assets that feel like they can have the scale of PYUSD over the long run — distribution, moat, all of it.

Excited to see more of the world running quietly on @LayerZero_Core rails. https://t.co/IMbDL4bb7s

— Bryan Pellegrino (臭企鹅) (@PrimordialAA) November 13, 2024

How This Benefits PYUSD Users

This addition brings many critical advantages for people who hold PYUSD.

• Enhanced Flexibility: This change allows users to switch their PYUSD between Ethereum and Solana without relying on CEXs.
• Reduced Fragmentation: Linking both blockchains frees users from split PYUSD liquidity across chains. This setup keeps more PYUSD available exactly where it’s needed.
• Cost-Effective and Secure: This is where LayerZero comes into play; it transfers assets at a high speed at a low cost and with more security.

This flexibility appeals to people who store and manage their tokens rather than rely on a third party. Now, they can use something other than Ethereum and switch to Solana if it is more convenient.

Security Measures

A group of decentralized verifier networks chosen by PayPal secures transactions using LayerZero. Paxos also helps secure these transactions. This setup ensures the verification and security of each transaction. The current list of these verifiers when launched is Paxos, Google Cloud, and LayerZero Labs. These verifiers still bring extra checks and balances to the exchange process and shield it from potential problems. PayPal can also add the several verifiers offered by Paxos to ensure better security.

Jose Fernandez da Ponte, PayPal’s SVP of Blockchain, Cryptocurrency, and Digital Currencies, says this new feature brings extra value for PYUSD holders. It is helpful now that PayPal users can use PYUSD in the digital economy. It gives users more options for where and how to spend digital dollars.

“We believe that PYUSD holders will welcome the flexibility and convenience offered by LayerZero,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at @PayPal. https://t.co/mB48MTJszE

— LayerZero (@LayerZero_Core) November 13, 2024

Conclusion

This new integration with LayerZero adds a new level of convenience to PayPal USD. With the Ethereum to Solana asset transfer facility, PYUSD users have ease, flexibility, and better security. PayPal USD positions itself as a versatile digital asset.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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