LayerZero and Keeta plan to launch a multi-chain payment product later in July 2026, tokenizing commercial bank deposits and integrating them with Ethereum, Solana, Base, and the Keeta Network. Initially, it will cover nine fiat currencies, including the US dollar, targeting corporate treasury, payment, and settlement institutions.

The first batch covers nine legal tender currencies.

According to official disclosures, this product uses Keeta Stablecoins. The two companies define it as "tokenized commercial bank currency," which is based on commercial bank deposits held through Bivo and its network of partner banks, rather than the cash, short-term debt, or mixed reserve portfolio used by common stablecoins.

• The first batch of plans to support the US dollar
• It also covers Euro, Japanese Yen, Chinese Yuan, and British Pound.
• It also includes the Canadian dollar, Mexican peso, UAE dirham, and Hong Kong dollar.

Neither company has announced a specific launch date, nor has it disclosed the list of the first batch of participating organizations.

LayerZero handles cross-chain transactions.

Technically, Keeta Stablecoins will adopt LayerZero's OFT (All-Chain Fungible Token) standard. According to LayerZero, this model allows the same token to circulate on multiple chains while maintaining a uniform total supply.

When assets are transferred from one blockchain to another, tokens on the source blockchain are removed from circulation, and an equivalent amount of tokens are added to the target blockchain. The key point of this is to allow institutions to transfer the same type of bank-backed digital funds between different public blockchains without having to split liquidity across multiple independent versions.

LayerZero also stated that issuers will retain contractual rights and can set transfer limits, rate caps, pause functions, and different operational roles. This means that issuers can still enforce compliance and internal risk control requirements while deploying assets across multiple chains.

Bivo provides banking and payment channels.

In this structure, Bivo is responsible for accessing US payment gateways and partner bank networks. Keeta lists it as a licensed remittance provider with US NMLS number 2572288. The California Department of Financial Protection and Innovation also lists Bivo as a regulated remittance provider.

However, several key pieces of information remain undisclosed, including whether all holders will receive deposit insurance, whether they have direct claims against any specific bank, the frequency of reserve disclosures, redemption fees, minimum transaction size, and which entities will issue each currency.

This also distinguishes the product from most stablecoins, which are typically backed by cash, U.S. Treasury bonds, or other reserve assets, while Keeta and LayerZero emphasize "commercial bank deposits" themselves.

Tokenized deposit projects continue to gain popularity

Recently, tokenized bank deposits and on-chain payment products have received more attention. Previously, PayPal has used LayerZero to expand PYUSD to more networks, and Ondo Finance also uses LayerZero to process cross-chain transfers of tokenized stocks and ETFs.

However, cross-chain systems also come with technical and operational risks. In April of this year, Kelp DAO's rsETH cross-chain bridge suffered a loss of approximately $292 million due to a breach of infrastructure related to LayerZero validation. LayerZero stated at the time that the problem stemmed from Kelp DAO's single-validator configuration, not the core protocol itself. Subsequently, the company stopped providing application signing for single-validator configurations and recommended that projects adopt multiple independent validators.

Keeta also plans to use LayerZero as an anchor point in its network to connect blockchains with traditional payment systems. Neither company has disclosed its listing partners, expected trading volume, or pricing. The upcoming July launch will test whether institutions are willing to adopt bank deposit tokens that can circulate between public chains but whose transfers and compliance settings remain under the issuer's control.