LayerZero’s interoperability infrastructure powers seamless movement of PYUSD between currently deployed blockchain networks.
Vancouver, CA — November 12, 2024 — LayerZero, the leading interoperability protocol, today announced that PayPal USD (PYUSD) now utilizes LayerZero’s Omnichain Fungible Token (OFT) Standard to enable transfers between Ethereum and Solana. The integration eliminates liquidity fragmentation and ensures fast, secure and cost-effective transactions for both users and businesses.
By utilizing LayerZero, PYUSD will now enable users who self-custody their tokens to seamlessly transfer assets between blockchains — without needing to rely on centralized platforms like Venmo or PayPal.
“The OFT standard unlocks a new level of interoperability for stablecoins,” said Bryan Pellegrino, CEO of LayerZero Labs. “By using LayerZero, PYUSD can move seamlessly between Ethereum and Solana — helping holders move their tokens between chains to use how they want and when they need to.”
Security and Flexibility Built-In: Each PYUSD transfer is secured by PayPal USD’s and Paxos’ hand-picked group of Decentralized Verifier Networks (DVNs). At launch, the security stack includes Paxos, Google Cloud, and LayerZero Labs DVNs as verifiers, ensuring resilient, diverse and enterprise-grade protection for transactions of all sizes. Paxos retains the flexibility to add or replace verifiers, ensuring continued security and eliminating vendor lock-in risks.
“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.
Use of the LayerZero OFT Standard will facilitate PYUSD holders’ choices of which blockchain they want to use. Whether on Ethereum or Solana, PYUSD will continue to develop digital commerce, delivering faster, more accessible payments that reflect the future of blockchain-based commerce.
About PayPal USD
PayPal USD is issued by Paxos Trust Company, a fully chartered limited purpose trust company. Paxos is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.
Issuance and custody of PayPal USD is performed by Paxos Trust Company, LLC. Learn more in PayPal’s Cryptocurrency Terms, and in the Paxos Terms that also apply to PYUSD.
About LayerZero
LayerZero is an omnichain interoperability protocol that unifies development across 90 blockchains. Using LayerZero, developers can create applications that exist on many blockchains at once: from stablecoins to onchain lending markets to digital identity. Over 300 teams have built on LayerZero, with the protocol facilitating 135 million messages between chains.
To move PYUSD between Ethereum and Solana, visit Stargate, the largest bridge in crypto.