PayPal’s stablecoin, PYUSD, has integrated with the LayerZero protocol to enable direct transfers between the Ethereum and Solana blockchains. According to a November 12 announcement, PYUSD will utilize LayerZero’s Omnichain Fungible Token (OFT) standard, allowing self-custody users to move assets across blockchains without relying on intermediaries like Venmo or PayPal.
The market cap of PYUSD has declined from its peak of $1 billion in August 2023 to $513 million today, with $384 million on Ethereum and $166 million on Solana.
PayPal is working to expand access to PYUSD through collaborations with partners such as Anchorage Digital, Crypto.com, and MoonPay. However, PYUSD still lags significantly behind the two leading stablecoins, Tether ($118 billion) and USDC ($35 billion).