Anchorage Digital Taps LayerZero for Cross-Chain Stablecoin Movement
Anchorage Digital, a federally chartered crypto bank in the United States, has partnered with LayerZero to move stablecoins between blockchains. The partnership will use LayerZero's Omnichain Fungible Token (OFT) standard to route dollar-backed tokens across various networks where banks and financial institutions operate.
The arrangement is significant as it gives institutional issuers a single pathway to move stablecoins, which are digital assets pegged to the value of a fiat currency. The bank's issuance platform already supports tokens tied to Tether, Western Union, OSL Group, and Falcon Finance.
The OFT standard has processed approximately $280 billion in lifetime transfers, representing about 87 percent of cross-chain volume. This partnership will allow Anchorage-issued stablecoins to maintain a unified token supply across chains rather than relying on wrapped assets or third-party bridge liquidity.