As a seasoned researcher with a background in both traditional finance and blockchain technology, I find this recent development between Bybit and PayPal intriguing. The expansion of PYUSD stablecoin onto the Solana network is a testament to the growing acceptance and adoption of cryptocurrencies, particularly stablecoins, as a viable alternative for conventional financial systems.
Bybit, a digital currency exchange, has announced that users are now able to transfer both deposits and withdrawals of PayPal’s PYUSD stablecoin using the Solana blockchain network.
According to a press release on August 15th, Bybit is broadening its offerings for Solana-linked assets, such as adding PayPal’s PYUSD stablecoin to its platform.
As a researcher, I’m excited to share that our platform has just hit a significant milestone – surpassing 500,000 processed transactions. This growth underscores the expanding adoption of our service across diverse financial applications, as stated by Bybit. Interestingly, data from DefiLlama reveals that approximately 54% of our token’s market liquidity is concentrated on Solana (SOL), with the rest on Ethereum (ETH).
Among stablecoins, PYUSD is the sixth largest in terms of market value and has demonstrated the most substantial monthly growth compared to its peers, experiencing a 30.7% rise, as indicated by DefiLlama’s data.
PayPal expands its stablecoin across multiple networks
In her feedback about the listing, Emily Bao, the chief of web3 and SBU at Bybit, pointed out that the stablecoin’s success on Solana shows there is a strong market need for a regulated and secure stablecoin capable of matching the swift advancements in the decentralized finance sector.
In August 2023, PayPal introduced their own stablecoin, marking the first instance of a significant financial institution venturing into this field. This digital currency, supported by U.S. dollar deposits, short-term government bonds, and other liquid assets equivalent to cash, is a result of a collaboration between PayPal and Paxos, a blockchain company specializing in stablecoin issuance.
Approximately a few months past, PayPal revealed they had received an inquiry subpoena from the U.S. Securities and Exchange Commission concerning their stablecoin, without offering additional specifics. Towards the end of May, however, PayPal broadened its support to include Solana, stating that the potential advantages for commercial applications served as the primary motivation behind this move.
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2024-08-15 17:37