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According to the crypto exchange Bybit, the trading platform plans to list Paypal’s stablecoin soon. Amid Bybit’s announcement, Paypal’s PYUSD token has seen little movement as most of the supply is held by the contract and the Paxos Treasury.
Dubai-Based Bybit Prepares to List Paypal’s New Stablecoin, PYUSD
On Thursday, August 17, 2023, the Dubai-based digital currency exchange Bybit said it will list Paypal’s new stablecoin, PYUSD. Bybit, a cryptocurrency exchange co-founded in March 2018 by Ben Zhou, is one of the largest exchanges to announce it will list the PYUSD token to date.
“We’ll List PYUSD imminently,” Zhou explained in a statement sent to Bitcoin.com News. “We are truly impressed by Paypal’s introduction of the USD stablecoin (PYUSD) and its vision for the future of payments.”
Zhou added:
This launch is another step on the path toward reforming our antiquated global payments system. Indeed, the underlying blockchain technology is characterized by cost-efficiency, rapid settlement times, and global reach, which presents an opportunity to not only enhance the user experience but also make marked efficiency gains in the transfer of capital potentially saving billions of dollars per year.
Ten days ago, payments giant Paypal announced the PYUSD launch, but the token had been relatively inactive. However, since Bybit’s announcement, Bybit’s hot wallet shows interaction with the PYUSD contract. Currently, the contract and the Paxos Treasury hold about 99% of the total supply, with the remainder used in test transactions. As of 9:40 a.m. Eastern Time on Aug. 17, 2023, there are 32 holders and a total of 216 PYUSD transfers.
“At Bybit, we recognize the strategic importance of this initiative and wholeheartedly support Paypal’s efforts to bridge the gap between traditional and digital currencies and will list PYUSD for spot trading imminently,” Zhou stated on Thursday. The Bybit co-founder further noted that Paypal’s partnership with Paxos Trust Company “underscores the rigorous regulatory approach and commitment to compliance, which are paramount in this evolving landscape.”