decentralized stablecoin protocol defi.money has recently integrated LayerZero, a solution that provides omnichain liquidity to its network.
LayerZero (ZRO) serves as an interoperability solution, offering a foundational layer for omnichain applications and blockchains. The integration was officially announced by the LayerZero team on Sept. 26.
This integration marks a significant milestone for defi.money, as their stablecoin MONEY now supports the omnichain fungible token, OFT.
The OFT Standard enables seamless cross-chain token transfers, allowing users to transact and deploy assets across various blockchains. This implementation solidifies defi.money as a truly omnichain platform.
Read more: LayerZero chosen as the official interoperability protocol for WBTC by BitGo
Thriving stablecoin market
Stablecoins play a crucial role in the web3 ecosystem, with cross-chain transfers driving increased activity in key projects. Layer-2 networks, in particular, benefit from this interconnected ecosystem as they strive for scalability and decentralization.
The collaboration between LayerZero and defi.money aims to usher in a new era of decentralized stability with the MONEY stablecoin.
As of Sept. 26, 2024, the stablecoin market boasts a valuation of over $173 billion. Tether and Circle lead the market, with Tether (USDT) commanding a market cap of over $119 billion and USD Coin (USDC) following closely behind at over $36 billion.
Emerging players like First Digital USD (FDUSD) and PayPal USD (PYUSD) are gaining traction in the market. Additionally, Ripple has entered the arena by testing its RLUSD stablecoin on Ethereum and the XRP Ledger.
Leading crypto custodian BitGo is exploring the creation of a dollar-backed stablecoin, while U.K-based digital bank Revolut is reportedly considering similar plans.
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