Payments firm PayPal’s (PYPL) U.S. dollar stablecoin is being introduced to nine more blockchains by interoperability protocol LayerZero (ZRO), expanding the token beyond the four blockchains — Ethereum, Solana, Arbitrum and Stellar — where it’s natively issued.
LayerZero integrated PayPal USD (PYUSD), issued by fintech firm Paxos, into its Hydra Stargate system, creating a permissionless version of the token dubbed PYUSD0 that’s one-to-one interchangeable with the underlying stablecoin.
The move makes the token available on Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron, while existing community-issued versions on Berachain and Flow will convert automatically.
PayPal launched its PYUSD in 2023 as one of the first major payments firm-backed stablecoins. With LayerZero’s expansion, the token aims to reach new markets more quickly and provide a dollar-pegged stablecoin within the crypto economy.
Currently, PYUSD has a supply of $1.3 billion, up from around $520 million at the beginning of this year, RWA.xyz data shows.
Read more: PayPal Adding Crypto to Peer-to-Peer Payments, Allowing Direct Transfer of BTC, ETH, Others