- PayPal’s stablecoin PYUSD now supports transfers between Ethereum and Solana through LayerZero integration.
- PYUSD’s market cap has declined to $513 million, with most circulation on Ethereum.
- Partnerships with Anchorage Digital and MoonPay aim to boost PYUSD’s utility and accessibility.
PayPal’s stablecoin, PayPal USD (PYUSD), has enabled asset transfers across Ethereum and Solana blockchains, supported by LayerZero’s Omnichain Fungible Token (OFT) Standard. This feature, introduced by LayerZero on Nov. 12, allows PYUSD holders who manage their own tokens to transfer assets across blockchains without depending on central platforms such as PayPal itself or Venmo.
Source: Medium
The distribution of PYUSD on these networks has shifted noticeably. Data indicates that after reaching a peak of $1 billion in market cap in August, PYUSD’s value has since dropped to $513 million, with Ethereum now holding a more significant share. As of now, Ethereum hosts $384 million of PYUSD, while $166 million remains on Solana.
New Collaborations Boost Crypto Access
In recent months, PayPal has collaborated with Anchorage Digital to create a rewards program for users holding PYUSD with the crypto custodian. This aligns with PayPal’s earlier efforts to introduce PYUSD on the Solana blockchain in May through partnerships with Crypto.com, Phantom, and Paxos, which facilitated onboarding for Solana users. Additional collaborations with MoonPay have also broadened access to cryptocurrency purchases via PayPal accounts, extending to platforms like Polymarket in July.
Stablecoin Market Competition
Despite PayPal’s efforts, PYUSD remains behind established dollar-pegged stablecoins like Tether (USDT) and USD Coin (USDC), which have market caps around $118 billion and $35 billion, respectively.
