Crypto exchange Bybit is gearing up to introduce Paypal’s stablecoin to its trading platform. The recent announcement has yet to shake up the valuation of Paypal’s PYUSD token, as a major portion of its supply remains in the hands of its contract and the Paxos Treasury.
On August 17, 2023, Bybit, a Dubai-rooted cryptocurrency platform, shared its intentions to feature Paypal’s PYUSD stablecoin. Founded in March 2018 by Ben Zhou, Bybit stands as one of the most prominent exchanges to champion the listing of PYUSD.
In a statement forwarded to Bitcoin.com News, Zhou conveyed, “Listing PYUSD is on our immediate radar. We’re genuinely taken by Paypal’s debut of the PYUSD stablecoin and their broader vision for reshaping the future of monetary transactions.”
He emphasized this integration’s transformative potential: “This unveiling signifies yet another stride toward overhauling our somewhat dated global transaction framework. The core blockchain tech, recognized for its cost-effectiveness, quick settlements, and universal accessibility, holds promise to revolutionize user experiences while driving massive efficiencies in capital transfer, potentially translating to annual savings in the billions.”
A mere ten days prior, the financial titan Paypal had broadcasted the rollout of PYUSD. Despite its introduction, the token had remained relatively dormant. Nonetheless, Bybit’s revelation has increased PYUSD contract interactions via Bybit’s hot wallet. As of the morning of August 17, 2023, close to 99% of PYUSD’s entire supply was consolidated within the contract and Paxos Treasury. Concurrent records displayed 32 PYUSD holders with a cumulative of 216 transactions.
Zhou expressed Bybit’s endorsement of this integration, saying, “We at Bybit discern the profound implications of this endeavor. We’re all in for supporting Paypal’s ambition to meld traditional and digital currency realms, and we’re gearing up for PYUSD’s spot trading.” Zhou also emphasized the significance of Paypal’s collaboration with Paxos Trust Company, highlighting its commitment to adhering to regulatory norms in the ever-evolving crypto space.