Odaily Planet Daily reports that LayerZero has announced a partnership with Keeta to enable the transfer of tokenized commercial bank deposits across public blockchains including Keeta Network, Ethereum, Solana, and Base, aiming to provide institutional cross-chain settlement infrastructure.
According to the announcement, the two parties will combine LayerZero’s cross-chain interoperability protocol with Keeta’s compliance infrastructure to enable institutions to conduct fund management and payment services. The newly launched Keeta Stablecoins are backed by commercial bank deposits held by Bivo, a U.S.-licensed fintech platform. Unlike traditional stablecoins, these are backed by actual commercial bank deposits and allow issuers to maintain control over the smart contracts via LayerZero’s Omnichain Fungible Token (OFT) standard.
Keeta Stablecoins will launch later this month, initially supporting the US dollar, with plans to expand to additional fiat currencies including the euro, Japanese yen, Chinese yuan, British pound, Canadian dollar, Mexican peso, UAE dirham, and Hong Kong dollar. (The Block)