Cryptocurrency exchange Bybit says users can now deposit and withdraw PayPal's PYUSD stablecoin on the Solana network

Bybit has announced the expansion of its support for Solana-based assets, including the addition of PayPal’s PYUSD stablecoin

Cryptocurrency exchange Bybit announced Monday the addition of PayPal’s PYUSD stablecoin to its lineup of Solana-based assets.

The move comes as PYUSD recently surpassed 500,000 processed transactions, highlighting its growing adoption across various financial applications, according to a press release from Bybit.

Data from DeFi Llama shows that over 54% of PYUSD’s market liquidity is concentrated on Solana (SOL), with the remaining liquidity spread across Ethereum (ETH).

According to DeFi Llama, PYUSD ranks as the sixth largest stablecoin by market capitalization and boasts the highest month-on-month growth among its competitors, with a 30.7% increase.

Commenting on the listing, Emily Bao, head of Web3 and SBU at Bybit, said that the stablecoin’s performance on Solana “has demonstrated 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, becoming the first major financial company to do so. The stablecoin, which is backed by U.S. dollar deposits, short-term Treasuries, and other similar cash equivalents, is a product of a partnership between PayPal and 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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