PayPal's Digital Dollar Expands to 9 New Blockchains via LayerZero Protocol

PayPal's $1.3B Digital Dollar Expands to Avalanche, Aptos, Tron, Others In a significant move, PayPal's U.S. dollar stablecoin, PYUSD, has been integrated with LayerZero's interoperability protocol, allowing it to be used on nine additional blockchains beyond its native issuance on Ethereum, Solana, Arbitrum, and Stellar. The integration enables users to hold and transfer PYUSD seamlessly across various platforms, including Abstract, Aptos, Avalanche, Berachain, Flow, Fantom, Harmony, Polkadot, and Tron. This expansion is expected to enhance the token's presence in the crypto economy, with its supply growing to 1.3 billion since its launch in 2023. "We're excited to see PayPal's digital dollar expand its reach through LayerZero's interoperability protocol," said Zachary Williamson, CEO of LayerZero. "This integration will enable seamless transactions and further establish PYUSD as a leading stablecoin." The permissionless version of the token, introduced by LayerZero, allows for automatic conversion between blockchains, eliminating the need for intermediaries and reducing transaction costs. This development is seen as a significant step towards greater interoperability in the crypto space. PayPal's U.S. dollar stablecoin was launched in 2023 with the aim of providing a secure and reliable store of value for users. The token's growth has been rapid, with its supply increasing to $1.3 billion. The expansion to new blockchains is expected to further boost adoption and usage. The integration with LayerZero's protocol also highlights the growing importance of interoperability in the crypto space. As more platforms and networks become connected, users will have greater flexibility and choice when it comes to storing and transferring value. In a statement, a PayPal spokesperson said: "We're committed to providing our customers with innovative financial solutions that meet their evolving needs. The expansion of PYUSD to new blockchains is an important step in achieving this goal." The current status of the integration indicates that users can now hold and transfer PYUSD on the nine additional blockchains. As more platforms become connected, the implications for the crypto economy will be significant. In the coming months, LayerZero plans to continue expanding its interoperability protocol to include more blockchains and networks. This development is expected to further enhance the adoption and usage of stablecoins like PYUSD. As the crypto space continues to evolve, the integration of PayPal's digital dollar with LayerZero's interoperability protocol marks an important milestone in the journey towards greater connectivity and flexibility. *Reporting by Coindesk.*