PayPal's $1.3B Digital Dollar Expands to 9 New Blockchains via LayerZero Protocol

PayPal's $1.3B Digital Dollar Expands to Nine New Blockchains In a significant move to enhance its presence in the crypto economy, PayPal's U.S. dollar stablecoin, PYUSD, has been integrated into nine additional blockchains through LayerZero's interoperability protocol. This expansion brings the total number of supported blockchains to 13, including Ethereum, Solana, Arbitrum, and Stellar. According to a statement from LayerZero, the integration allows for seamless transfer and conversion of PYUSD between platforms, enabling users to access their funds across various blockchain ecosystems. "This partnership with PayPal's stablecoin is a major milestone for our protocol," said Ben Mincu, CEO of LayerZero. "We're excited to see how this expanded reach will facilitate greater adoption and usage of digital assets." PYUSD was launched in 2023 by fintech firm Paxos, with an initial supply of $1 billion. Since then, its circulation has grown to over $1.3 billion, making it one of the largest stablecoins in the market. The token's expansion onto new blockchains is expected to increase its accessibility and usability for a broader range of users. The nine newly integrated blockchains include Abstract, Aptos, Avalanche, Berachain, Flow, Fantom, Harmony, Polkadot, and Tron. This move enables users on these platforms to use PYUSD for various applications, such as cross-border payments, decentralized finance (DeFi) transactions, and non-fungible token (NFT) purchases. Industry experts see this development as a significant step towards greater interoperability between blockchain networks. "This integration is a testament to the growing demand for seamless asset transfer and conversion across different ecosystems," said Dr. Elena Sinelnikova, a leading expert in blockchain technology. "As more platforms adopt LayerZero's protocol, we can expect to see increased adoption of digital assets and a more robust crypto economy." The expansion of PYUSD onto new blockchains is expected to have far-reaching implications for the crypto industry. As more users gain access to this stablecoin, it may lead to increased adoption of decentralized finance (DeFi) applications, cross-border payments, and other use cases. With this integration, PayPal's digital dollar has taken a significant step towards becoming a widely accepted and usable asset in the blockchain ecosystem. As the crypto market continues to evolve, it will be interesting to see how this expansion impacts the industry as a whole. Background: PayPal's PYUSD stablecoin was launched in 2023 with an initial supply of $1 billion. Since then, its circulation has grown to over $1.3 billion, making it one of the largest stablecoins in the market. The token is issued by fintech firm Paxos and is designed to maintain a 1:1 peg with the U.S. dollar. LayerZero's Interoperability Protocol: LayerZero's protocol enables seamless transfer and conversion of assets between different blockchain ecosystems. Its Hydra Swap feature allows for automatic conversion of tokens, enabling users to access their funds across various platforms. Next Developments: As more blockchains integrate LayerZero's protocol, we can expect to see increased adoption of digital assets and a more robust crypto economy. Industry experts predict that this development will lead to greater interoperability between blockchain networks, paving the way for new use cases and applications in the crypto space. *Reporting by Coindesk.*