{"id":90027,"date":"2024-08-16T09:55:34","date_gmt":"2024-08-16T13:55:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=90027"},"modified":"2024-08-16T09:56:53","modified_gmt":"2024-08-16T13:56:53","slug":"bybit-expands-offerings-with-pyusd-integration","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bybit-expands-offerings-with-pyusd-integration\/","title":{"rendered":"Bybit Expands Offerings with PYUSD Integration"},"content":{"rendered":"\n

Users can now deposit and withdraw PayPal's PYUSD stablecoin on the Solana network, according to cryptocurrency exchange Bybit<\/a>.\u00a0
<\/p>\n\n\n\n

\"Bybit
Bybit Expands Offerings with PYUSD Integration<\/figcaption><\/figure>\n\n\n\n

In a press statement dated August 15, Bybit stated that it had expanded its support for Solana-based assets, adding PayPal's PYUSD stablecoin<\/a> among them. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Over 54% of the market liquidity for PYUSD is focused on Solana, with the remaining amount on Ethereum (ETH), according to data from DefiLlama.\u00a0<\/p>\n\n\n\n

\"Stablecoins
Stablecoins by market capitalization | Source: DefiLlama\u00a0<\/figcaption><\/figure>\n\n\n\n

According to DefiLlama data<\/a>, 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%.<\/p>\n\n\n\n

PayPal Expands its Stablecoin Across Multiple Networks<\/h2>\n\n\n\n

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. <\/p>\n\n\n\n

In August 2023, PayPal introduced its own stablecoin, becoming the first major financial company to do so. <\/p>\n\n\n\n

The stablecoin results from a collaboration between PayPal and Paxos, a blockchain startup that issues stablecoins. U.S. dollar deposits\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, short-term Treasuries, and other comparable cash equivalents back it. <\/p>\n\n\n\n

A few months later, PayPal revealed\u2014without giving any more information\u2014that it had gotten an investigative subpoena relating to its stablecoin from the U.S. Securities and Exchange Commission<\/a>.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Users can now deposit and withdraw PayPal’s PYUSD stablecoin on the Solana network, according to cryptocurrency exchange Bybit.\u00a0 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 […]<\/p>\n","protected":false},"author":43,"featured_media":90028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11407],"tags":[662,984,15610],"class_list":["post-90027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-exchange","tag-bybit","tag-cryptocurrency-exchange","tag-pyusd"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/croc_1723814379337.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=90027"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/90028"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=90027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=90027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=90027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}