Bybit Launches PYUSD Campaigns with DIfferent Yield Opportunities

Bybit, the world's second-largest crypto exchange by trading volume, proudly announces that all Bybit users can now deposit and withdraw PayPal

Cryptocurrency exchange Bybit has announced that its users can now deposit and withdraw PayPal USD (PYUSD) on the Solana blockchain.

The exchange said in a statement that it is the first top-three exchange to offer the feature, which will allow users to combine their crypto investments with the power of global payments on Solana.

PYUSD, launched by PayPal in October 2023, is a fully backed stablecoin pegged to the US dollar and designed to integrate with Web3 applications. It is natively issued on the Solana blockchain and can be used for a variety of applications, including payments, remittances, and decentralized finance (DeFi).

According to Bybit, PYUSD has processed over 500,000 transactions on Solana since its debut, highlighting its growing adoption across various financial use cases.

The stablecoin’s strong performance has seen it emerge as a top player in the stablecoin market, currently ranking 6th in market capitalization. Data from DefiLlama shows that PYUSD has experienced the highest month-on-month positive growth among the top 10 stablecoins.

Commenting on the launch, Emily Bao, head of Web3 and SBU at Bybit, said: “PYUSD's performance on Solana showcases the market demand for a regulated, secure stablecoin that can keep pace with the rapid developments in decentralized finance.

“As a market leader, we are gaining the best partnerships across Web3, institutional finance, and payment providers globally to help our users be part of the future of finance.”

Lily Liu, president of the Solana Foundation, added: “PYUSD coming to Solana is a significant milestone for the ecosystem.

“In addition to showcasing that Solana’s performance can support a global payments network, PYUSD on Solana makes use of token extensions, which adds native Web3 capabilities that enhance payments functionality. These capabilities support Paypal’s primacy in payments into the Web3 world, creating a unique asset for Paypal’s users, Solana’s users, and Bybit’s users alike.”

To celebrate the launch, Bybit is also launching three exclusive campaigns designed to maximize the potential of PYUSD for both retail and institutional investors.

The campaigns include the chance to explore the Solana ecosystem by trading top tokens on Solana to share a 200 SOL prize pool, extra SOL rewards for any new user who signs up and trades the SOL/USDT pair, and the opportunity for Bybit users to earn extra yield by signing up for the limited PYUSD fixed savings product.

The exchange’s Spot market is at the forefront of cryptocurrency trading in terms of partnerships, trading efficiency, and products. Bybit said that it continually pushes the boundaries to offer users advanced solutions and superior trading opportunities.

The integration of PYUSD on Solana is a testament to Bybit's dedication to advancing the digital asset landscape, the statement concluded.

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