Author: Tom Mitchelhill, CoinTelegraph; Compiled by: Deng Tong, Golden Finance
PayPal’s USD-pegged stablecoin PayPal USD has been integrated with the cross-blockchain bridging protocol LayerZero to enable Ethereum and Transfers between Solana.
LayerZero said in a statement on November 12 that PYUSD now uses its Omnichain fungible token (OFT) standard to enable cross-chain transfers, which will "enable users who keep their own tokens to Seamlessly transfer assets between blockchains—without relying on centralized platforms like Venmo or PayPal."
Source: LayerZero
The market cap of PYUSD and its distribution across the two blockchain networks have changed significantly in recent months.
On August 26, PYUSD hit a record market capitalization of $1 billion, with more than $660 million circulating on the Solana network and only $340 million circulating on Ethereum.
According to data from DefiLlama, as of the time of writing this article, the total market value of PYUSD has nearly halved, falling to $513 million, of which only $166 million of funds are circulating on Solana, while funds deployed on Ethereum to $384 million.
PYUSD’s circulation on Ethereum has surged. Source: DefiLlama
PayPal has been taking steps to expand the accessibility of PYUSD, including partnering with Anchorage Digital to launch a rewards program for customers who host the PayPal USD stablecoin at a cryptocurrency custodian.
In May, PayPal launched PYUSD on Solana, partnering with Crypto.com, Phantom, and Paxos to bring users to the blockchain network.
It has also partnered with crypto infrastructure provider MoonPay to allow users to purchase cryptocurrencies using their PayPal accounts. In July, the partnership expanded to introduce users to crypto betting platform Polymarket.
Coinbase, which also has an institutional custody arm, encourages users to hold stablecoins on its platform. Currently, it offers an annual yield of approximately 5.2% on USD Coin. Coinbase owns an equity stake in stablecoin issuer Circle.
Despite PYUSD’s recent success, it still lags far behind USD-pegged stablecoins Tether and USDC. The two leading stablecoins have market capitalizations of nearly $118 billion and $35 billion, respectively, according to CoinMarketCap.
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