After the recent integration with Layerzero cross-protocol, sending PYUSD from the Ether chain to the Solana chain became possible.
This developmental news came into the spotlight after a Medium post by Layerzero in which it noted that PYUSD has started leveraging its OmniChain Fungible Token which will enable its users to transfer their assets from one chain to another.
Following its launch to date, PYUSD has seen significant traction and its trading has also achieved many higher milestones.
The X post notes “By utilizing LayerZero, users who self-custody their PYUSD tokens can seamlessly transfer assets between blockchains — without needing to rely on centralized platforms like Venmo or PayPal.”
After the integration, the senior vice president of blockchain, crypto, and related activities in PayPal notes ” We believe that PYUSD holders will welcome the flexibility and convenience offered by LayerZero.”
As per market experts, the cross-chain for the Ethereum and Solana chains will help PYUSD gain more trading volume and traders as it is the highest traded on the ETH chain followed by the SOL chain.
In addition to PayPal’s choice of Solana’s blockchain technology, financial leaders like Visa, Worldpay, and Stripe have also turned to Solana for its robust community and scalable on-chain capabilities.
Solana’s support plays a key role in bringing PYUSD to life, enabling partnerships between PayPal, Paxos, and other major industry players. In October, PayPal completed its first business transaction using $PYUSD, showcasing how digital currencies can simplify and enhance the efficiency of complex commercial transactions.
PYUSD is seen as the future leader of the stablecoin category as the name associated with it is a finance world in itself and one of the payment services of the United States.
The native transfer feature aims to unify PYUSD’s ecosystem, which achieved a $1 billion market cap on Solana in August 2024. This positions PYUSD to capitalize on the expanding DeFi market as it gains mainstream traction.
There are speculations that PYUSD might become the leader of the stablecoin market as it has great potential and is also seen as the strongest contender in the market neck to neck with USDT and USDC.
Until publishing, the market was exploring the heights in bullish territory, and the title of highest trading volume was solely held by USDT followed by Bitcoin and Ethereum. Altcoins have added over 10 percent to their price on average, and memecoins also remain profitable with Dogecoin achieving new heights.
Earlier on November 11 and 12 the cryptocurrency market capitalization was above $3 trillion surging more than 10 percent in the 24 hours time frame.
