Back
LayerZero and Keeta partner on tokenized bank deposit transfers across four networks

LayerZero and Keeta partner on tokenized bank deposit transfers across four networks

The tie-up will let institutions issue and move deposit-backed tokens across Ethereum, Solana, Base and Keeta, with issuer-set compliance controls and support for more currencies expected by month-end.

ETH
SOL
RSETH

Fact Check
The Block, a reputable primary crypto news outlet, directly confirms the core claim: LayerZero combined its omnichain interoperability technology with Keeta's network to enable cross-chain movement of tokenized commercial bank deposits across exactly four networks (Ethereum, Solana, Base, Keeta), with USD issuance beginning later this month. PANewsLab and Phemex independently report the same details and cite The Block as the original source. The claim's characterization (four networks, bank deposit tokens/stablecoin transfers, starting later this month) matches the reporting precisely.
    Reference: 123
Summary

LayerZero Labs and Keeta said they will introduce tokenized commercial bank deposits on Ethereum, Solana, Base and the Keeta Network, using Bivo’s payment rail and banking network to issue and transfer assets backed by commercial bank deposits. The initial launch is set to be backed by U.S. dollars, with support for eight additional currencies by the end of the month: EUR, JPY, CNY, GBP, CAD, MXN, AED and HKD. The companies said the structure differs from traditional reserve-backed stablecoins because each token represents money held directly as a commercial bank deposit through Bivo. The platform is aimed at institutional payments and treasury operations across multiple chains without requiring separate token versions or siloed balances. LayerZero’s Omnichain Fungible Token standard is designed so tokens are burned on the source chain and minted on the destination chain, a model the company said keeps supply consistent without wrapped assets or external liquidity pools. Keeta said issuing institutions will be able to set operating rules including compliance checks, verification settings and transfer limits, while LayerZero handles cross-chain settlement. Keeta also said a recent public stress test conducted with assistance from Google’s Spanner engineering team reached 11.2 million transactions per second on its network, though the companies did not disclose participating banks, projected transaction volumes or committed institutional users. Questions around adoption and security remain in focus after the April 18 KelpDAO exploit drained 116,500 rsETH valued at $292 million, prompting LayerZero to discontinue support for the vulnerable single-verified configuration and tighten default security standards for future deployments.

Terms & Concepts
  • tokenized commercial bank deposits: Blockchain-based tokens that represent money held directly as deposits at commercial banks rather than crypto-native reserves.
  • Omnichain Fungible Token: A LayerZero token standard that moves assets across blockchains by burning tokens on one chain and minting them on another.
  • wrapped assets: Blockchain tokens that represent assets from another network and are typically used to move value across chains.