Bybit Adds PayPal’s PYUSD Stablecoin for Spot Trading

The third-most visited cryptocurrency exchange in the world, Bybit, is thrilled to announce the listing of PYUSD, PayPal’s innovative USD stablecoin.

This listing represents a crucial turning point in the growth of the cryptocurrency market as a large corporation like PayPal makes its foray into the blockchain sector with its stablecoin offering. By pairing PYUSD with USDT and putting it up for trading on Bybit’s spot exchange, traders and investors will have a simple and safe method to access this special stablecoin.

PYUSD is completely backed by US dollar deposits, US treasuries, and other monetary equivalents. This solid foundation guarantees stability and dependability and supports Bybit’s commitment to provide its customers with a safe and transparent trading environment.

Paxos Trust Company, a reputable and fully licensed trust corporation regulated by the New York State Department of Financial Services, issues PYUSD. Bybit exchange’s adoption of PYUSD creates a link between the established conventional financial sector and the developing blockchain ecosystem. With the ability to easily integrate fiat and digital currencies, consumers, businesses, and developers will have more options for conducting 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 makes use of the vast amount of knowledge PayPal has with payments together with the speed, economy, and programmability of blockchain protocols. PYUSD receives access to an existing vibrant community of external developers, wallets, and Web3 apps as an ERC-20 token issued on the Ethereum blockchain.