Bybit Crypto Exchange Lists PayPal's PYUSD Stablecoin for Spot Trading
Bybit, one of the world's most visited cryptocurrency exchanges, is thrilled to announce the listing of PayPal's groundbreaking USD stablecoin, PYUSD.
This listing signifies a significant moment in the evolution of the cryptocurrency industry, as a prominent entity like PayPal enters the blockchain space with its stablecoin offering. PYUSD will be paired with USDT and made available for trading on Bybit's spot exchange, providing traders and investors with a secure and convenient means to access this unique stablecoin.
PYUSD is fully backed by a combination of US dollar deposits, US treasuries, and other cash equivalents. This robust backing ensures stability and reliability, aligning perfectly with Bybit's commitment to delivering a secure and transparent trading experience to its users.
Paxos Trust Company, a trusted and fully licensed trust company regulated by the New York State Department of Financial Services, is responsible for issuing PYUSD. The integration of PYUSD into the Bybit exchange serves as a bridge between the traditional financial realm and the rapidly expanding blockchain ecosystem. This development enables consumers, merchants, and developers to seamlessly connect fiat and digital currencies, creating new opportunities for financial interactions.
Ben Zhou, co-founder and CEO of Bybit, expressed his enthusiasm about this addition, stating, "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 integration of the crypto market into the global financial landscape."
PYUSD combines PayPal's extensive experience in large-scale payments with the efficiency, cost-effectiveness, and programmability of blockchain protocols. As an ERC-20 token built on the Ethereum blockchain, PYUSD gains access to a thriving community of external developers, wallets, and Web3 applications.
Established in 2018, Bybit is a top-five cryptocurrency exchange that offers a professional platform catering to crypto investors and traders. Bybit is known for its ultra-fast matching engine, round-the-clock customer service, and multilingual community support. Furthermore, Bybit proudly partners with Formula One's reigning Constructors' and Drivers' champions, the Oracle Red Bull Racing team.
This partnership between Bybit and PayPal's PYUSD reflects the ongoing integration of traditional finance and digital currencies, paving the way for more seamless and innovative financial interactions in the blockchain ecosystem.