PayPal has extended the reach of PYUSD by making the stablecoin available on eight more blockchain networks.
Most of this expansion is occurring through LayerZero’s Stargate Hydra system, which will help connect PYUSD with new platforms in a more flexible and decentralized way.
LayerZero explained in a press release on September 18 that with this update, a version called PYUSD0 is being launched. It is a permissionless form of the PayPal stablecoin, which means it can move freely across networks without needing approval from a central authority.
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According to LayerZero, this version will be compatible with the original PYUSD and maintain full compatibility across various blockchains.
The new networks that are supported include Tron
LayerZero’s Stargate Hydra will be used to transfer PYUSD0 between chains. Meanwhile, LayerZero’s infrastructure will handle the technical tasks, such as issuing, destroying, and managing the new tokens.
Before this expansion, PYUSD was already available on Ethereum
Bryan Pellegrino, CEO of LayerZero Labs, stated that developments like this point toward a more connected financial system.
PayPal recently expanded its peer-to-peer (P2P) payment services by launching a feature called PayPal Links. How does it work? Read the full story.
