Chain-agnostic stablecoin protocol defi.cash has built-in LayerZero to carry omnichain liquidity to its community.
LayerZero (ZRO) is an interoperability resolution that gives a foundational layer for omnichain purposes and blockchains. The LayerZero workforce introduced the combination in a publish on X on Sept. 26.
The combination comes as defi.cash’s stablecoin MONEY carried out the omnichain fungible token, also referred to as OFT.
The OFT Customary is a token customary that enables for cross-chain token transfers. Customers can ship, obtain, and deploy property throughout blockchains. With this implementation, defi.cash is now natively omnichain.
Learn extra: LayerZero turns into BitGo’s official interoperability protocol for WBTC
Rising stablecoin market
Stablecoins are more and more vital to the web3 ecosystem, and cross-chain transfers are serving to to drive extra exercise in key initiatives. Most of the beneficiaries are layer-2 networks, which, past eyeing scalability, see an interconnected ecosystem as a significant step towards decentralization.
LayerZero’s collaboration with defi.cash goals to carry this period into actuality with the decentralized stablecoin MONEY.
With the stablecoin market valued at over $173 billion as of Sept. 26, 2024, two corporations stand out – Tether and Circle. Tether (USDT) is the biggest, with over $119 billion of the entire market cap whereas USD Coin (USDC) ranks because the second-largest, at over $36 billion.
Nevertheless, different gamers reminiscent of First Digital USD (FDUSD) and PayPal USD (PYUSD) are seeing traction.
Additionally notable is the entry of Ripple, which has begun testing its RLUSD stablecoin on the Ethereum and XRP Ledger.
BitGo, a number one crypto custodian, can also be eyeing a dollar-backed stablecoin and comparable plans are reportedly on U.Okay-based digital financial institution Revolut’s desk.
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