Anchorage Digital selected LayerZero as its interoperability partner for the regulated stablecoins it issues through its platform.
The federally chartered digital bank incorporated the Omnichain Fungible Token (OFT) standard to move assets across blockchain networks without generating isolated versions on each chain. The first stablecoin to adopt this integration is USAT, issued by Tether through Anchorage Digital Bank.
LayerZero’s infrastructure connects more than 170 blockchain networks, giving Anchorage a considerably broad technical foundation to distribute regulated dollar tokens across different execution environments.
The OFT model aims to solve a specific industry problem: stablecoin fragmentation, where a token can be highly liquid on one network and difficult to use on another, while wrapped or bridged versions introduce additional operational and security assumptions.
USAT is the first asset to go live under this integration, although Anchorage indicated that other stablecoins on its platform, such as USDPT from Western Union and USDGO from OSL, will be added in later stages.
Following the announcement, LayerZero’s native token (LZR) posted a 15% gain over the past 24 hours and is trading at $1.47 per unit, with a weekly increase of 50%. Its volume surged 236% on the day and exceeded $271 million, according to CoinMarketCap data.
Source: https://coinmarketcap.com/currencies/layerzero/
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