Bybit Lists PYUSD on the Solana Network as a New Asset
The cryptocurrency exchange Bybit declared that it introduced the PYUSD stablecoin of PayPal on the Solana network. It, therefore, utilized the PYUSD token to deposit and withdraw funds in Solana, thus besides supporting ERP the payments service of the E-commerce company to move digital USD to PYUSD, PayPal also has the PYUSD digital currency available there. The news was published in an August 15 press release that not only revealed the rapid rise in PYUSD usage but also underlined the fact that PYUSD had become an important part of the DeFi ecosystem.
PYUSD Exceeds 500,000 Transactions, Breaks Prior Records on Solana
The contract to PYUSD alliance just after the USD betting has got a major achievement by converting 500,000 transactions in recent times. This accomplishment shows the increased use of PYUSD in financial applications, and its popularity in DeFi space after that. Information from DefiLlama displays that more than half of PYUSD liquidity is found to be on the Solana network, with the rest on the Ethereum blockchain. The data also reveals that the amount of liquidity (TVL) in PYUSD staking in Solana is more than Ethereum.
PYUSD has become the sixth most valuable stablecoin due to its rapid surge. Moreover, a 13.8 percent growth rate has outstripped competitors which confirm its current stable position in the market place.
PayPal Extends PYUSD’s Use Beyond the Solana Road
The stablecoin’s listing was then confirmed by Emily Bao. “The stablecoin was a trendsetter on Solana because of its covered financial infrastructure and the overall secure benefits it provided. And what the blockchain industry needs is a regulated and secure stablecoin that involves and keeps pace with the fast progress in digital finance”, Bao concluded.
PayPal became the first major financial institution to issue its own stablecoin when it launched PYUSD in August 2023. The stablecoin is secured by U.S. dollar deposits, short-term Treasuries, and other cash equivalents, which ensures its stability and reliability. The project was made possible after PayPal partnered with Paxos, who was known for stablecoins arrangement.
PayPal’s Ongoing Expansion and Regulatory Scrutiny
A few months later, PayPal revealed that the SEC had sent it an investigative subpoena for the stablecoin operations. The probe was considered necessary and no information was given on it, except it serves as a pointer to the off-sight inspection of stablecoins in the finance industry.
In line with the other networks that offer cross-border transactions, PYUSD’s support was extended to spare the Solana network thereby increasing the use of the virtual currency for e-commerce according to PayPal. The release of this expansion comes in line with PayPal’s overall approach to patching its stablecoin via different networks, thus increasing into many financial ecosystems its utility and adoption.
