blockchainreporter.net
Bybit, one of the world’s leading cryptocurrency exchanges and the third most visited in the world, has announced a groundbreaking move by listing PayPal’s USD stablecoin, PYUSD, for spot trading. This listing signifies a significant milestone for Bybit, underlining its dedication to expanding its offerings and providing users with new opportunities. PYUSD, which will be paired with the widely-used USDT (Tether), is now available for trading on Bybit’s spot exchange.
This listing offers traders and investors a secure and seamless way to access PYUSD, promising new opportunities in the ever-evolving crypto market. The stability and reliability of PYUSD are underpinned by a combination of US dollar deposits, US treasuries, and other cash equivalents, a fact that aligns perfectly with Bybit’s commitment to providing a secure and transparent trading experience for its users.
Empowering Users with Trusted Trading Experience
This groundbreaking stablecoin is issued by the Paxos Trust Company, a fully licensed trust company regulated by the New York State Department of Financial Services. By integrating PYUSD into the Bybit exchange, a bridge has been created between the traditional financial world and the rapidly growing blockchain ecosystem. This bridge opens up exciting prospects for consumers, merchants, and developers, enabling them to seamlessly connect fiat and digital currencies, fostering financial inclusivity.
Ben Zhou, co-founder and CEO of Bybit, expressed his excitement about this development, saying, “We are pleased to welcome PayPal USD to the Bybit platform. 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 large-scale payments, combining it with the efficiency, cost-effectiveness, and programmability inherent in blockchain protocols. 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, further expanding its utility and potential for users.
Bybit, founded in 2018, has rapidly risen to prominence in the cryptocurrency exchange industry. The platform offers a professional trading environment where crypto investors and traders can take advantage of an ultra-fast matching engine, 24/7 customer service, and multilingual community support. It is noteworthy that Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, further solidifying its presence in the crypto and sports worlds.
This move by Bybit to list PayPal’s USD stablecoin, PYUSD, is anticipated to facilitate greater adoption of cryptocurrencies and bridge the gap between traditional finance and the digital world. With PayPal, a recognized global payments giant, entering the blockchain space, it serves as a testament to the growing legitimacy and acceptance of digital assets in the global financial landscape. Traders and investors can now take advantage of the exciting opportunities presented by PYUSD on Bybit’s platform, bringing a new level of convenience and versatility to the crypto market.