Defi.money, a chain-agnostic stablecoin technology, has incorporated LayerZero into its network to provide omnichain liquidity.
Blockchains and omnichain applications can benefit from LayerZero’s fundamental layer, an interoperability solution. On September 26, the LayerZero team posted on X announcing the integration.
The omnichain fungible token, or OFT, was implemented by defi.money’s stablecoin MONEY at the same time as the integration.
Token transfers across chains are made possible by the OFT Standard. Assets can be sent, received, and deployed between blockchains by users. Defi.money is now natively omnichain thanks to this development.
Growing Stablecoin Market
Cross-chain transfers encourage more involvement in important projects, and stablecoins are becoming increasingly important to the web3 ecosystem.
A large number of the beneficiaries are layer-2 networks, which view a linked ecosystem as a significant step toward decentralization in addition to seeking scalability.
By working with defi.money, LayerZero hopes to make this age a reality with MONEY, a decentralized stablecoin.
Two businesses stand out in the stablecoin sector, estimated to be worth approximately $173 billion as of September 26, 2024: Tether and Circle. With more than $119 billion of market capitalization, Tether is the largest, followed by USD Coin with more than $36 billion.
However, other competitors, like PayPal USD and First Digital USD, are gaining ground. The launch of Ripple, which has started testing its RLUSD stablecoin on the Ethereum and XRP Ledger, is also noteworthy.
Leading cryptocurrency custodian BitGo is apparently considering a stablecoin backed by dollars, and U.K.-based digital bank Revolut is reportedly considering plans along similar lines.
