Bybit, a Dubai-based cryptocurrency exchange, has announced the listing of PayPal USD stablecoin, PYUSD.
PYUSD is a stablecoin issued by Paxos, a New York-based regulated financial company. The listing of PYUSD marks a significant collaboration between Bybit and PayPal, two leading players in the traditional and crypto payment sectors. By integrating PYUSD into its platform, Bybit aims to provide its users with a diverse and trusted trading experience.
Ben Zhou, co-founder and CEO of Bybit, said the listing of PYUSD reaffirms Bybit’s commitment to offering its users more choices and flexibility in their crypto transactions.
PayPal’s crypto journey
PayPal is a leading online payment processor with significant strides in cryptocurrency. Recognizing the growing popularity and potential of digital assets, PayPal has taken steps to integrate crypto into its platform, allowing users to buy, sell, and hold cryptocurrencies like Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
One of the key features introduced by PayPal is the ability for users to purchase Bitcoin directly with their accounts. This move has been a vital step toward the mainstream adoption of significant cryptocurrencies. By allowing users to buy crypto with their PayPal accounts, the platform has made it more accessible and convenient for individuals to enter the world of digital assets.
PayPal has also introduced the option for users to utilize their crypto holdings to make payments at millions of online merchants globally. This means that users can now use their cryptocurrencies to purchase goods and services, further integrating digital assets into everyday commerce.