Users can now deposit and withdraw PayPal’s PYUSD stablecoin on the Solana network, according to cryptocurrency exchange Bybit.
In a press statement dated August 15, Bybit stated that it had expanded its support for Solana-based assets, adding PayPal’s PYUSD stablecoin among them.
The measure comes after PYUSD recently passed the 500,000th processed transaction milestone, demonstrating it’s expanding “adoption across various financial applications,” according to Bybit.
Over 54% of the market liquidity for PYUSD is focused on Solana, with the remaining amount on Ethereum (ETH), according to data from DefiLlama.
According to DefiLlama data, PYUSD is the sixth-largest stablecoin by market value and has experienced the greatest month-over-month rise of any of its rivals, rising by 30.7%.
PayPal Expands its Stablecoin Across Multiple Networks
The stablecoin’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,” according to Emily Bao, head of web3 and SBU at Bybit, who commented on the listing.
In August 2023, PayPal introduced its own stablecoin, becoming the first major financial company to do so.
The stablecoin results from a collaboration between PayPal and Paxos, a blockchain startup that issues stablecoins. U.S. dollar deposits, short-term Treasuries, and other comparable cash equivalents back it.
A few months later, PayPal revealed—without giving any more information—that it had gotten an investigative subpoena relating to its stablecoin from the U.S. Securities and Exchange Commission.
PayPal extended its support to Solana in late May, noting the platform’s substantial benefits for use cases related to commerce as the primary motivation.
