Bybit now supports PayPal’s PYUSD stablecoin on Solana

Cryptocurrency exchange Bybit says users can now deposit and withdraw PayPal’s PYUSD stablecoin via the Solana network.

Bybit announced in a press release published on August 15 that it has expanded support for Solana-based assets with the addition of PayPal’s PYUSD stablecoin.

Bybit said the move comes after PYUSD hit a recent milestone of surpassing 500,000 processed transactions and is seeing increasing “adoption across a variety of financial applications.” Data from DefiLlama shows that over 54% of PYUSD’s market liquidity is concentrated in Solana (SOL), with the rest in Ethereum (ETH).

Stable cryptocurrencies by market cap | Source: DefiLlama

According to DefiLlama data, PYUSD is ranked as the 6th largest stablecoin by market cap and is recording the highest growth among its peers with a 30.7% increase on a monthly basis.

PayPal is rolling out its stablecoin across multiple networks

Commenting on the listing, Emily Bao, head of web3 and SBU at Bybit, said the stablecoin’s performance on Solana “demonstrates the market’s demand for a regulated and secure stablecoin that can adapt to the rapid developments in decentralized finance.”

PayPal became the first major financial firm to launch its own stablecoin in August 2023. Backed by U.S. dollar deposits, short-term Treasury bonds, and other similar cash equivalents, the stablecoin is the product of a partnership between PayPal and Paxos, a blockchain company that issues stablecoins.

A few months later, PayPal announced that it had received an investigative subpoena from the U.S. Securities and Exchange Commission regarding its stablecoin, but did not provide further details. In late May, PayPal extended its support for Solana, citing significant benefits for commerce use cases as the driving force behind the decision.