Bybit, a UAE-based crypto trade, has turned into the most recent crypto exchanging platform to list the well-known PayPal’s USD (PYUSD) stablecoin.
As per a declaration, Bybit has listed PYUSD for spot trading. Prominently, Bybit paired PYUSD with the world’s biggest stablecoin by market cap tether (USDT).
Plans To List Paypal USD By Bybit
The improvement comes a month after Bybit reported plans to list the PayPal stablecoin. Last month, Bybit opened stores for PYUSD while uncovering its intention to list the stablecoin for spot trading on September 20 at 10 AM (UTC).
After a month, Bybit kept to its promise by posting PayPal’s stablecoin for spot trading. As indicated by Bybit earlier, clients will be permitted to pull out their PYUSD resources beginning today, September 21, 2023.
Prominently, deposits and withdrawals of PYUSD will be accessible only on the Ethereum organization.
Following the turn of events, Bybit has turned into the most recent crypto trade to list PayPal’s stablecoin. Wu Blockchain revealed that other renowned exchanges, including Coinbase, Gate.io, Kraken, and Cryptocom, had additionally given out spot trading support for the stablecoin.
PYUSD is a dollar-pegged stablecoin that was launched last month by the monetary giant company PayPal. PYUSD is supported by various assets, including cash equivalents, US dollar deposits, similar low-risk assets, and short-term US Treasury Securities.
The stablecoin is issued by Paxos Trust Co. Beside issuing the stablecoin, Paxos will broadcast a month-to-month report for PYUSD beginning in September 2023. The organization will likewise distribute an outsider verification of all assets backing PYUSD.
PYUSD As The 19TH Biggest Stablecoin
PYUSD had extremely limited activity at its initial launch. The symbolic market action has surged hugely, with different exchanges listing PYUSD for spot trading.
In the hours paving the way to press time, PYUSD had a 24-hour trading volume of $1,157,813 ($1.57 million), as per information from CoinGecko.
It has a market cap of $44.3 million, subsequently positioning as the nineteenth greatest stablecoin. At press time, PYUSD was changing hands at $1.