Bybit Becomes the First Top-Three Crypto Exchange to Offer PayPal USD (PYUSD) Deposits and Withdrawals on the Solana Blockchain

Bybit, the world's second-largest crypto exchange by trading volume, proudly announces that all Bybit users can now deposit and withdraw PayPal USD (PYUSD) on the Solana blockchain.

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

As the first top-three exchange to offer this feature, Bybit users can now combine their crypto investments with the power of global payments on Solana.

PYUSD is a fully backed USD stablecoin issued by PayPal and licensed by the New York State Department of Financial Services (NYDFS). It was launched on the Solana blockchain in March 2023.

Since its debut, PYUSD has performed well on Solana. The stablecoin has processed over 500,000 transactions, demonstrating its growing adoption across various financial applications. Its robust performance has established PYUSD as a critical player in the stablecoin market, now ranked 6th in market capitalization.

According to DefiLlama, PYUSD has experienced the highest month-on-month growth among the top 10 stablecoins.

“PYUSD’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,” said Emily Bao, head of Web3 and SBU at Bybit.

“As a market leader, we are committed to 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 this historic launch, Bybit is introducing three exclusive campaigns designed to maximize the potential of PYUSD for both retail and institutional investors.

First up is the chance to explore the Solana ecosystem by trading top tokens on Solana to share a 200 SOL prize pool.

Second, any new user who signs up and trades the SOL/USDT pair gets extra SOL rewards.

And finally, Bybit users have the chance to earn extra yield by signing up for the limited PYUSD fixed savings product.

These campaigns are part of Bybit’s leading Spot market, which is at the forefront of cryptocurrency trading in terms of partnerships, trading efficiency, and products.

Bybit continually pushes the boundaries to offer users advanced solutions and superior trading opportunities. The PYUSD integration on Solana is a testament to Bybit’s dedication to advancing the digital asset landscape.

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