One of the largest centralized exchanges globally, Bybit, announced on August 15 that it would integrate PYUSD on Solana. The integration will provide retail and institutional investors with more investment opportunities. All Bybit users can now deposit and withdraw PYUSD on the Solana blockchain.
PYUSD is PayPal’s stablecoin, launched last year on August 7, backed by the U.S. Dollar in the U.S. Treasury, U.S. Dollar deposits, and cash equivalents. Since August 2023, the stablecoin is now among the top 10 stablecoins, ranking 6th in market capitalization. While the coin’s 24-hour trading volume has dropped by over 2%, its market capitalization is up by 2.81 %.
Bybit’s integration of PYUSD on Solana offers confidential transfers for the stablecoin. Solana offers users interested in the coin enterprise-ready capabilities, reduced development efforts, and flexibility.
PYUSD’s on-chain performance looks promising
PYUSD has shown promise on the Solana blockchain since its launch in 2023. The stablecoin has shown signs of adoption, processing over 500,000 transactions.
Bybit’s head of Web3 and SBU, Emily Bao, appreciated the coin’s growth on Solana. Emily mentioned that te exchange was dedicating its time to providing Bybit’s users with the best partnerships across payment options, web3, and institutional finance.
“PYUSD’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.”
Emily Bao, Bybit’s head of Web3 and SBU
Solana Foundation’s president, Liu Liu, highlighted that PYUSD’s presence on Solana showcased the chain’s ability to support a global payment network. Liu Liu also explained that Solana’s features would create new opportunities for Solana, Bybt, and PayPal users.
PYUSD’s supply on Solana notably surpassed the stablecoin’s supply on Ethereum on August 14. Dune Analytics data showed that the stablecoin’s supply on Solana and Ethereum was 377 million and 356 million tokens, respectively.
Bybit launches PYUSD campaigns
Bybit is the first of the top 3 exchanges to offer PYUSD, allowing users to leverage the power of Solana in their investments. To mark the historic launch, Bybit launched three exclusive PYUSD campaigns, each offering investors different yield levels.
In the announcement, Bybit revealed that the campaigns are part of the exchange’s spot market. Bybit assured users that the offerings were at the top of crypto markets in terms of partnerships, investment products, and efficiency.
The first campaign allows users to explore Solana’s ecosystem through trading top Solana tokens. The campaign offers the users a chance to be part of a 200-SOL prize pool.
The second campaign offers extra SOL rewards to new users who sign up and trade the SOL/USDT pair. The last campaign allows users who sign up for the limited PYUSD fixed savings product to earn extra yield.
