Svmuu News: LayerZero has announced a partnership with Keeta to enable the transfer of tokenized commercial bank deposits across public blockchains such as the Keeta Network, Ethereum, Solana, and Base, with the aim of providing institutions with cross-chain fund settlement infrastructure.
According to the announcement, the two parties will combine LayerZero’s omnichain interoperability protocol with Keeta’s compliance infrastructure to support institutions in conducting cash management and payment operations. The newly launched Keeta Stablecoins are backed by commercial bank deposits custodied by Bivo, a U.S.-licensed fintech platform. Unlike traditional stablecoins, they correspond to real commercial bank deposits and allow issuing institutions to retain control over the contracts via LayerZero’s Omnichain Fungible Token (OFT) standard.
Keeta Stablecoins will launch later this month, initially supporting the U.S. dollar, with plans to expand to multiple fiat currencies including the euro, Japanese yen, Chinese yuan, British pound, Canadian dollar, Mexican peso, UAE dirham, and Hong Kong dollar. (The Block)