PayPal is pushing its stablecoin, PayPal USD (PYUSD), onto more blockchain networks. This is a big step to make the dollar-pegged digital coin work across many platforms. The move uses technology from LayerZero and its Stargate Hydra bridge. This connection brings PYUSD to ecosystems like Tron, Avalanche, Sei, Ink, Stable, and Abstract.
To make this happen, PayPal and LayerZero are launching a new version of the stablecoin called PYUSD0. This token will always match PYUSD one-to-one. It can also move freely and without special permission across these new networks. PayPal aims for its stablecoin to be usable and have a wide reach from day one.
PYUSD arrives on Tron, Avalanche and more
They launch PYUSD0, an omnichain and interoperable 1:1 version
Operates via LayerZero / Stargate Hydra
BYUSD and USDF migrate to PYUSD0; PayPal seeks greater reach pic.twitter.com/yyalAIvP52— Diario฿itcoin (@Blaze Trends)
LayerZero explains that PYUSD0 acts just like the original PYUSD. Users can hold either PYUSD in its first networks or PYUSD0 in any LayerZero-supported ecosystem. Both versions keep their value and can be swapped for US dollars at a 1:1 rate.
This change also updates older versions of PayPal’s stablecoin. The BYUSD on Berachain and USDF on Flow will now become PYUSD0. Last November, LayerZero introduced its “omnichain fungible token (OFT)” standard. This technology got rid of a common problem: money getting stuck on one network. It allowed users to move PYUSD around without needing services like Venmo or PayPal.
PayPal USD’s Journey So Far
PayPal first launched PYUSD in 2023. Paxos Trust Company is the issuer behind it. Right now, about 1.9 billion PYUSD coins are in circulation. This number is still small compared to big players like Tether (USDT) and Circle (USDC). However, this new expansion shows PayPal wants to grow its presence in the digital money space.
LayerZero points out that the way PYUSD0 works across networks is similar to Tether’s USDT0. This suggests a growing trend where stablecoins are built to work everywhere. The goal is to get past the limits of single blockchain networks.
PayPal’s View and Plans
David Weber, who leads the PayPal USD ecosystem, shared his thoughts. He said working with LayerZero means PYUSD can get into new markets faster. It also helps the company stay within regulations and makes the coin useful right away.
This move fits PayPal’s bigger plan to build out its digital payment systems. Just recently, the company introduced PayPal Links. This feature lets people send and receive money using special links. PayPal also announced that soon, crypto like Bitcoin, Ethereum, PYUSD, and other assets will work with PayPal, Venmo, and other wallets around the globe.
Making a Mark in the Market
PayPal’s expansion comes as the stablecoin market gets more crowded. Major companies issuing these coins are all looking for ways to make transfers between different networks smoother. LayerZero has become a key player in solving this problem.
For users, this improved ability to move money means they don’t have to rely on big central companies. It gives them more control over their funds and can lower costs. For developers, it means easier access to money and more ways to use it across various platforms.
Bringing PYUSD to more networks could create new chances in payments, decentralized finance, and online shopping. PayPal’s actions suggest it’s not just aiming to be a digital payment provider. The company wants to be a central part of how programmable money works in the future.
This information comes from reports recently published.