The defi.money stablecoin protocol, which is chain-agnostic, has incorporated LayerZero to provide omnichain liquidity to its network.
LayerZero is a foundational layer for omnichain applications and blockchains that provides an interoperability solution. On September 26, the LayerZero team disclosed the integration in a post on X.
The integration results from the omnichain fungible token, also known as OFT, being implemented by defi.money’s stablecoin, MONEY.
The OFT Standard is a token standard that enables the transmission of tokens across multiple chains. Users can send, receive, and deploy assets across blockchains. Defi.money is now inherently omnichannel as a result of this implementation.
The stablecoin market is expanding
The web3 ecosystem is becoming more reliant on stablecoins, and cross-chain transfers contribute to increased activity in critical initiatives.. A significant number of the beneficiaries are layer-2 networks, which regard an interconnected ecosystem as a significant step toward decentralization in addition to pursuing scalability.
The objective of LayerZero’s partnership with defi.money is to actualize this epoch through the decentralized stablecoin MONEY.
As of September 26, 2024, the stablecoin market was valued at more than $173 billion, with two companies standing out: Circle and Tether. Tether Tether usdt 0.01%
The second-largest cryptocurrency is USD Coin USDC, with a market capitalization of over $36 billion, while Tether is the largest, accounting for over $119 billion of the total.
Nevertheless, PayPal USD and First Digital USD are experiencing growth.
Ripple has initiated the testing of its RLUSD stablecoin on the Ethereum and XRP Ledger, which is also noteworthy.
BitGo, a prominent crypto custodian, is also considering the implementation of a dollar-backed stablecoin. According to reports, Revolut, a digital bank based in the United Kingdom, is also considering similar initiatives.
