The chain-agnostic stablecoin protocol defi.money has partnered with LayerZero to introduce omnichain liquidity across its network.
LayerZero (ZRO) serves as an interoperability framework that provides a core infrastructure for omnichain applications and blockchains. The LayerZero team shared the news of this integration in a post on X dated Sept. 26.
This integration coincides with the deployment of the omnichain fungible token (OFT) in defi.money’s stablecoin MONEY.
The OFT Standard enables cross-chain token transfers, allowing users to send, receive, and utilize assets across multiple blockchains. With this new feature, defi.money has effectively become natively omnichain.
Expanding stablecoin landscape
Stablecoins are becoming increasingly vital to the web3 ecosystem, with cross-chain transfers spurring greater activity within significant projects. Many layer-2 networks are benefiting from this trend, as they recognize that an interconnected ecosystem represents a significant advancement toward decentralization.
The collaboration between LayerZero and defi.money aims to actualize this vision with the decentralized stablecoin MONEY.
As of Sept. 26, 2024, the stablecoin market is valued at over $173 billion, with Tether and Circle emerging as the prominent players. Tether (USDT) leads the market with a valuation exceeding $119 billion, while USD Coin (USDC) follows as the second-largest, with over $36 billion.
Other contributors like First Digital USD (FDUSD) and PayPal USD (PYUSD) are gaining momentum in the market.
Additionally, Ripple has begun experimenting with its RLUSD stablecoin on the Ethereum blockchain and XRP Ledger.
BitGo, a prominent crypto custodian, is also exploring the development of a dollar-backed stablecoin, and similar initiatives are reportedly under consideration by U.K.-based digital bank Revolut.
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