Global Crypto Exchange Bybit Lists PayPal's USD Stablecoin for Spot Trading
Dubai, United Arab Emirates
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September 21, 2023 09:14 AM Eastern Daylight Time
Bybit, the world’s third most visited crypto exchange, is excited to announce the listing of PayPal's groundbreaking USD stablecoin, PYUSD.
This listing marks a significant milestone in the development of the crypto industry, as a major company like PayPal ventures into the blockchain space with its stablecoin offering. PYUSD will be paired with USDT and listed for trading on Bybit's spot exchange, providing traders and investors a seamless and secure way to access this unique stablecoin.
A combination of US dollar deposits, US treasuries, and other cash equivalents fully backs PYUSD. This robust backing ensures stability and reliability, aligning with Bybit's commitment to offering its users a secure and transparent trading experience.
PYUSD is issued by Paxos Trust Company, a trusted and fully licensed trust company overseen by the New York State Department of Financial Services. The integration of PYUSD into the Bybit exchange provides a bridge between the traditional financial world and the burgeoning blockchain ecosystem. Consumers, merchants, and developers will now have the opportunity to seamlessly connect fiat and digital currencies, opening up new avenues for financial interactions.
“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 payments on a massive scale, combined with blockchain protocols' efficiency, cost-effectiveness, and programmability. As an ERC-20 token issued on the Ethereum blockchain, PYUSD gains access to an already thriving community of external developers, wallets, and Web3 applications.
Bybit is a top-five cryptocurrency exchange established in 2018 that offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.For media inquiries, please contact:
press@bybit.com
For more information please visit: https://www.bybit.com
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