- Bybit has added PayPal’s USD stablecoin, PYUSD, to its cryptocurrency exchange.
- PYUSD is fully backed by US dollars, treasuries, and financial equivalents.
- Paxos Trust Company, overseen by NYDFS, is the issuer of PYUSD.
Bybit, the world’s third most frequented cryptocurrency exchange, is excited to declare the inclusion of PYUSD, a groundbreaking USD stablecoin from PayPal.
This announcement signifies a pivotal development in the expansion of the cryptocurrency market, as a major entity such as PayPal ventures into the blockchain industry with its stablecoin product. By associating PYUSD with USDT and making it available for trading on Bybit’s spot exchange, traders and investors have a straightforward and secure way to engage with this unique stablecoin.
PYUSD is fully supported by deposits in US dollars, US treasuries, and other financial equivalents. This robust backing ensures reliability and stability, reinforcing Bybit’s pledge to offer its clients a secure and transparent trading platform.
Paxos Trust Company, a fully licensed and well-regarded trust corporation overseen by the New York State Department of Financial Services, is the issuer of PYUSD. The integration of PYUSD by the Bybit exchange establishes a connection between the traditional financial industry and the emerging blockchain environment. This integration facilitates the seamless blending of fiat and digital currencies, providing consumers, businesses, and developers with a broader range of options for executing financial transactions.
“We are pleased to welcome PayPal USD to the Bybit platform,” said Ben Zhou, co-founder and CEO of Bybit. “Adding this stablecoin reaffirms our commitment to providing our users with a diverse and trusted trading experience. We believe that PayPal’s entry into the blockchain space through the issuance of a stablecoin demonstrates the further cementing of the crypto market in the global financial landscape.”
PYUSD leverages PayPal’s extensive experience in payment processing, combined with blockchain protocols’ efficiency, affordability, and programmability. As an ERC-20 token issued on the Ethereum blockchain, PYUSD benefits from a thriving ecosystem of external developers, wallets, and Web3 applications.
