Cryptocurrency exchange Bybit has announced that users can now deposit and withdraw PayPal’s PYUSD stablecoin on the Solana network. This expansion marks Bybit’s continued support for Solana-based assets, as stated in their August 15 press release.

The inclusion of PYUSD on Solana comes after the stablecoin surpassed 500,000 processed transactions, signifying its increasing adoption in various financial applications. Data from DefiLlama indicates that over 54% of PYUSD’s market liquidity is concentrated on Solana, with the remainder on Ethereum (ETH).

PYUSD ranks as the 6th largest stablecoin by market capitalization and has shown the highest month-on-month growth among its peers, with a 30.7% increase, according to DefiLlama data.

Emily Bao, head of web3 and SBU at Bybit, commented on the listing, stating that the stablecoin’s performance on Solana demonstrates the market’s demand for a regulated, secure stablecoin that can keep pace with the rapid developments in decentralized finance.

PayPal launched its own stablecoin in August 2023, making it the first large financial company to do so. The stablecoin, backed by U.S. dollar deposits, short-term Treasuries, and other similar cash equivalents, is produced in partnership with Paxos, a blockchain company that issues stablecoins.

A few months later, PayPal disclosed that it had received an investigative subpoena from the U.S. Securities and Exchange Commission regarding its stablecoin, without providing further details. In late May, PayPal expanded its support to Solana, citing significant benefits for commerce use cases as the driving force behind the decision.

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