ByBybit to Integrate PYUSD on Solana, Offering Opportunities for Retail and Institutional Investors
[PRESS RELEASE – Dubai, United Arab Emirates, August 15th, 2024]
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. The first top-three exchange to offer this feature, Bybit users can now synergise their crypto investments with the power of global payments on Solana.
PYUSD and Solana – A Look at PYUSD On-Chain Performance and Issuance Data
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 has risen to the 6th-largest stablecoin in market capitalization, seeing the highest month-on-month positive growth among the top 10 stablecoins. (Source: DefiLlama https://defillama.com/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.”
Bybit Launches PYUSD Campaigns with DIfferent Yield Opportunities
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.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, users can visit Bybit Press.
For media inquiries, users can contact: media@bybit.com
For more information, users can visit: https://www.bybit.com
For updates, users can follow: Bybit’s Communities and Social Media
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