PayPal’s stablecoin, PYUSD, is getting a big upgrade! It’s now available on a bunch more blockchains thanks to a partnership with LayerZero.
Expanding to New Networks
LayerZero’s technology lets PYUSD work on networks where it wasn’t originally available. They did this by creating PYUSD0, a new version that’s basically the same as the original PYUSD.
Initially, PYUSD lived on Arbitrum, Solana, Ethereum, and Stellar. Now, thanks to PYUSD0, it’s also hanging out on:
- Abstract
- Aptos
- Avalanche
- Ink
- Sei
- Stable
- Tron
And LayerZero says even more networks are on the way! They also upgraded PYUSD’s presence on two other networks, bringing the total to nine.
Why This Matters
David Weber from PayPal says this kind of innovation is crucial as the stablecoin market explodes. It makes things smoother and easier for users and developers. This move is part of PayPal’s bigger plan to make PYUSD more accessible. They’ve been working hard to expand its reach since launching it earlier this year.
How it Works
The magic behind this expansion is a three-part system:
- PayPal’s PYUSD: The original stablecoin.
- Stargate Hydra: The transfer system (LayerZero bought Stargate recently).
- LayerZero: Handles creating and removing PYUSD0 on the new blockchains.
Bryan Pellegrino from LayerZero says this makes PYUSD more versatile and ready for future networks. He sees it as a big step towards a global, 24/7 financial system.
PayPal’s Crypto Push
This isn’t the only crypto news from PayPal. They recently added a “Pay with Crypto” option for merchants and integrated crypto into their peer-to-peer payment system.
Bitcoin Takes a Dip
Just a quick note on Bitcoin: It’s seen a bit of a price drop recently, leading to some liquidations in the crypto market.
