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PayPal's PYUSD takes off in a big way: New blockchains, new opportunities!
PayPal is expanding its stablecoin PYUSD on Tron and Avalanche through LayerZero protocols to increase liquidity.
PayPal's PYUSD takes off in a big way: New blockchains, new opportunities!
PayPal has made a significant move in the world of cryptocurrencies by expanding the reach of its stablecoin PYUSD to nine new blockchains. This expansion includes the state-of-the-art Tron and Avalanche networks connected via LayerZero interoperability protocols. This initiative was announced on September 18th and represents a fundamental evolution for PayPal to remain competitive in the global financial market.
The technical integration of these blockchains leverages LayerZero's Stargate Hydra model to implement the new fungible standard PYUSD0. PYUSD0 is an omnichain fungible token standard that ensures the stablecoin is identical and fully fungible on different blockchains. Users do not have to differentiate between PYUSD and PYUSD0, as both tokens are fungible and can be redeemed at the same rate.
Expanded options and benefits
This integration allows PayPal to manage a single, ubiquitous asset rather than operating isolated deployments for each blockchain. This is particularly important because PayPal, with a market cap of $1.9 billion, has been under pressure from its competitors for years. The newly created liquidity across the supported chains shows the potential of PYUSD0, especially for developers on the Aptos, Sei, Avalanche and others platforms.
The development is also seen as a validation of LayerZero's adoption of the Stargate bridge protocol. The implementation of the Hydra model is intended to efficiently expand assets from a central hub to multiple spoke chains, thereby creating better interoperability between the different blockchains.
With this strategic diversification of PYUSD tokens, PayPal will not only strengthen its competitiveness in the financial market, but also promote trust in digital currencies, which is crucial for the future of stablecoins. Through this move, the company hopes to offer a compliant stablecoin option that will increase the trust of users and developers alike.