LayerZero and Keeta Partner to Support Cross-Chain Transfer of Tokenized Bank Deposits

Odaily Planet Daily News: LayerZero announced a partnership with Keeta to support the transfer of tokenized commercial bank deposits across public chains including Keeta Network, Ethereum, Solana, and Base, aiming to provide 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 fund management and payment operations. The newly launched Keeta Stablecoins are backed by commercial bank deposits held by Bivo, a licensed fintech platform in the United States. Unlike traditional stablecoins, they correspond to real commercial bank deposits and allow issuing institutions to maintain control over the contract through LayerZero's Omnichain Fungible Token (OFT) standard.

Keeta Stablecoins will be launched later this month, initially supporting the US dollar, with subsequent expansions 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)