Defi.money integrates LayerZero as interoperability solution

Chain-agnostic stablecoin protocol defi.cash has built-in LayerZero to deliver 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 mixing in a publish to X on September 26.

The combination comes as defi.cash’s stablecoin MONEY applied the omnichain fungible token, often known as OFT.

The OFT normal is a token normal that enables cross-chain token transfers. Customers can ship, obtain and stake property through blockchains. With this implementation, defi.cash is now natively omnichain.

Learn extra: LayerZero will turn into BitGo’s official interoperability protocol for WBTC

Rising stablecoin market

Stablecoins have gotten more and more necessary to the web3 ecosystem, and cross-chain transfers assist drive extra exercise in key initiatives. Most of the beneficiaries are layer 2 networks, which, past scalability, see an interconnected ecosystem as an necessary step towards decentralization.

LayerZero’s partnership with defi.cash goals to make this period a actuality with the decentralized stablecoin MONEY.

With the stablecoin market valued at over $173 billion on September 26, 2024, two firms stand out: Tether and Circle. Tether (USDT) is the biggest, with over $119 billion of the entire market capitalization, whereas USD Coin (USDC) is the second largest with over $36 billion.

Nonetheless, different gamers resembling First Digital USD (FDUSD) and PayPal USD (PYUSD) are seeing traction.

Additionally notable is the arrival of Ripple, which has began 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 related plans are reportedly on the desk of British digital financial institution Revolut.

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