LayerZero partners with Anchorage Digital for regulated stablecoin interoperability

Anchorage Digital, a federally chartered US crypto bank, has selected LayerZero as its interoperability partner to facilitate the cross-chain movement of regulated stablecoins. Under this partnership, Tether’s USAT has become the first stablecoin to utilize LayerZero’s Omnichain Fungible Token (OFT) standard. The integration aims to reduce stablecoin fragmentation by allowing assets to move across various blockchain environments without the need for isolated versions or risky bridging methods.

Following the announcement, the LayerZero native token, ZRO, experienced significant market activity. The token's price rose over 21% within a 24-hour period, contributing to a weekly gain of approximately 47%. This surge was accompanied by a substantial increase in both spot and derivatives trading volumes.

While USAT is the initial integration, Anchorage Digital expects other stablecoins, such as Western Union’s USDPT and OSL’s USDGO, to follow. LayerZero’s infrastructure currently supports connectivity across more than 170 blockchain networks.