Anchorage Digital Selects LayerZero for Cross-Chain Stablecoins

Anchorage Digital, home to America’s first federally regulated crypto bank, has selected LayerZero as its interoperability partner for stablecoin issuance, the company said on September 21. The arrangement routes stablecoins issued through Anchorage Digital Bank, N.A.

across LayerZero’s Omnichain Fungible Token (OFT) standard, giving institutional issuers a single path to move dollar tokens between the growing number of blockchains where banks and institutions operate.

The bank’s issuance platform already supports tokens tied to Tether, Western Union, OSL Group and Falcon Finance.

The OFT standard and 170-plus chains LayerZero describes OFT as the industry’s most widely adopted interoperability standard for stablecoins, spanning more than 170 blockchains, and reports the framework has processed roughly $280 billion in lifetime transfers, or about 87 percent of cross-chain volume.