Bybit Announces Listing of Paypal’s PYUSD Stablecoin, Elevating Crypto Market Dynamics
Dubai-based cryptocurrency exchange Bybit has revealed plans to list Paypal’s new stablecoin, PYUSD, marking a significant move in the crypto market.
Bybit, co-founded by Ben Zhou in 2018, stands as one of the major exchanges to undertake such a listing. The exchange’s co-founder, Zhou, expressed admiration for Paypal’s USD stablecoin and its visionary approach to the future of payments. Industry observers view the launch of PYUSD as a pivotal step in modernizing the global payments system, harnessing blockchain’s attributes of efficient, rapid settlement, and worldwide reach. This move holds the potential to generate substantial annual cost savings.
Notably, Bybit’s involvement has spurred activity around the token, with the majority of PYUSD held within the contract and the Paxos Treasury. Bybit’s support for this initiative reflects its recognition of Paypal’s efforts to bridge traditional and digital currencies, highlighting the partnership’s rigorous regulatory stance and commitment to compliance.
Clever Robot News Desk 18th August 2023