Bybit expands offerings with PYUSD integration on Solana blockchain
Bybit expands offerings with PYUSD integration on Solana blockchain
Bybit has announced the integration of PayPal's stablecoin, PYUSD, on the Solana blockchain. This move aims to provide retail and institutional investors with expanded opportunities in the dynamic crypto market.
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced an advancement for its users: the ability to deposit and withdraw PayPal USD (PYUSD) on the Solana blockchain. Bybit is the first among the top three global exchanges to offer this asset, marking a pivotal moment in the synergy between crypto investments and global payments on Solana.
PayPal USD is a stablecoin that's fully backed by US dollar deposits, US treasuries, and similar cash equivalents. Users can buy and sell 1 PYUSD for 1 USD.
Since its introduction, PYUSD has seen high performance on Solana, processing over 500,000 transactions – a testament to its growing adoption across various financial applications. This robust performance has propelled PYUSD to the position of the sixth-largest stablecoin by market capitalization (Source: DefiLlama), with the highest month-on-month growth among the top 10 stablecoins.
Emily Bao, head of Web3 and Strategic Business Unit at Bybit, commented on this development, stating, "PYUSD’s performance on Solana has demonstrated the market’s demand for a regulated, secure stablecoin that can keep pace with the rapid developments in decentralized finance."
This integration is not just a milestone for Bybit but also for the Solana ecosystem. Lily Liu, president of the Solana Foundation, emphasized the significance of PYUSD's arrival on Solana, noting that it not only showcases Solana’s capability to support a global payments network but also enhances payments functionality by expanding the token portfolio. This makes PYUSD a unique asset for users of PayPal, Solana, and Bybit alike.
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To celebrate the integration, Bybit has launched three exclusive campaigns aimed at maximizing the potential of PYUSD for both retail and institutional investors. These include a 200 SOL prize pool for trading top tokens on Solana, special rewards for new users trading the SOL/USDT pair, and a limited PYUSD fixed savings product offering extra yield.
Bybit's integration of PYUSD on Solana underscores its dedication to providing latest solutions and superior trading opportunities, solidifying its position as a leader in the cryptocurrency market.
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