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    PayPal’s PYUSD partners with LayerZero to enable easy fund transfers between Ethereum and Solana

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    Paypal’s stablecoin, the PYUSD, has partnered with blockchain protocol LayerZero. This allows people to move their funds easily between Ethereum and Solana, rather than relying more traditional platforms such as Venmo or PayPal. Despite hitting a total value of $1 billion, the current value of PYUSD is around $513 million. Various collaborations have been launched to increase adoption of the PYUSD, such as rewarding customers who store their PYUSD coins with Anchorage Digital. However, other dollar-pegged stablecoins like Tether and USDC currently far outstrip PYUSD in terms of value.

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    PayPal’s stablecoin, PayPal USD (PYUSD), has partnered with the blockchain protocol LayerZero. Now folks can easily move their funds between Ethereum and Solana. This means you don’t have to always depend on apps like Venmo or PayPal to send your money from one platform to another.

    A few months back, PYUSD was high in demand, hitting a total value of $1 billion. More than $660 million of that value was on the Solana network and $340 million was on Ethereum. Now, things have changed a bit. The current total value of PYUSD is around $513 million, with $166 million on Solana and $384 million on Ethereum.

    PYUSD has been trying hard to make itself more readily available to users. For example, they’ve teamed up with Anchorage Digital to offer rewards to customers who decide to store their PYUSD coins with Anchorage.

    Back in May, PayPal began offering PYUSD on Solana. They collaborated with Crypto.com, Phantom, and Paxos to get more folks using the Solana network. PayPal also joined forces with MoonPay. Now you can buy cryptocurrency using your PayPal account, and they even started allowing users to gamble on the crypto betting platform, Polymarket in July.

    Coinbase is another platform that tries to incentivize its users to hold stablecoins (coins whose value is pegged to a specific asset or group of assets). Right now, they’re offering about a 5.2% annual return on USD Coin (USDC). Coinbase happens to have an ownership stake in Circle, the issuer of the USDC coin.

    But despite all of PYUSD’s recent growth, it’s still way behind other dollar-pegged stablecoins like Tether (USDT) and USDC. For example, Tether is valued at nearly $118 billion and USDC at $35 billion. But who knows? PYUSD might just catch up.

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