Leading crypto exchange, Bybit has successfully listed PayPal’s USD stablecoin for spot trading.
Bybit, a UAE-based crypto exchange, has become the latest crypto trading platform to list the popular PayPal’s USD (PYUSD) stablecoin.
According to an announcement, Bybit has listed PYUSD for spot trading. Notably, Bybit paired PYUSD with the world’s largest stablecoin by market cap tether (USDT).
Bybit Announced Plans to List PYUSD
The development comes a month after Bybit announced plans to list the PayPal stablecoin. Last month, Bybit opened deposits for PYUSD while revealing plans to list the stablecoin for spot trading on September 20 at 10 AM (UTC).
A month later, Bybit kept to its word by listing PayPal’s stablecoin for spot trading. According to Bybit’s prior announcement, users will be allowed to withdraw their PYUSD assets starting tomorrow, September 21, 2023.
Notably, deposits and withdrawals of PYUSD will be available only on the Ethereum network.
Following the development, Bybit has become the latest crypto exchange to list PayPal’s stablecoin. Wu Blockchain reported that other prominent exchanges, including Coinbase, Gate.io, Kraken, and Cryptocom, had also rolled out spot trading support for the stablecoin.
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For context, PYUSD is a dollar-pegged stablecoin launched last month by financial giant company PayPal. PYUSD is backed by a variety of assets, including cash equivalents, US dollar deposits, comparable low-risk assets, and short-term US Treasury securities.
The stablecoin is issued by Paxos Trust Co. Aside from issuing the stablecoin, Paxos will publish a monthly reserve report for PYUSD starting from September 2023. The company will also publish a third-party attestation of all assets backing PYUSD.
PYUSD Ranks as 19th Biggest Stablecoin
At its initial launch, PYUSD had very limited activity. The token’s market activity has surged tremendously, with multiple exchanges listing PYUSD for spot trading.
In the hours leading up to press time, PYUSD had a 24-hour trading volume of $1,157,813 ($1.57 million), according to data from CoinGecko.
It has a market cap of $44.3 million, thus ranking as the 19th biggest stablecoin. At press time, PYUSD was changing hands at $1.
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