Saturday, July 20, 2024

The cryptocurrency exchange Bybit has declared its intention to list Paypal’s PYUSD stablecoin in the near future. This announcement has not greatly affected the PYUSD token’s market activity, as most of the supply is in the possession of the contract and the Paxos Treasury.

Bybit, a major exchange headquartered in Dubai and co-founded by Ben Zhou in March 2018, is making preparations to list Paypal’s new stablecoin, PYUSD. It’s one of the most significant exchanges to make this commitment so far.

Zhou conveyed his excitement in a statement to News, emphasizing the immediate listing of PYUSD. He expressed admiration for Paypal’s creation of the USD stablecoin (PYUSD) and its visionary plan for payment’s future. He further stated:

The introduction of this stablecoin is an additional advancement in the overhaul of the existing worldwide payments framework. The intrinsic properties of blockchain technology, including its affordability, speed of transactions, and universal accessibility, offer a chance to not only augment the customer experience but also potentially achieve substantial efficiency savings in capital transfers, which could lead to annual savings of billions of dollars.

Ten days prior to Bybit’s announcement, Paypal had revealed the launch of PYUSD, though there had been little activity with the token. Post-announcement, Bybit’s hot wallet started interacting with the PYUSD contract. At present, the contract and the Paxos Treasury have control over roughly 99% of the total supply, with the balance being used in experimental transactions. As of the morning of August 17, 2023, there are 32 holders and a cumulative total of 216 PYUSD transfers.

Zhou emphasized Bybit’s endorsement of this strategic move on Thursday, reiterating their determination to support Paypal’s ambition to close the divide between conventional and digital currencies by listing PYUSD for immediate spot trading. He also highlighted Paypal’s collaboration with Paxos Trust Company, signifying the strong regulatory focus and adherence to compliance essential in this ever-changing environment.

What’s your take on Bybit’s announcement about listing PYUSD? We welcome your insights and perspectives on this topic in the comments section below.

Frequently Asked Questions (FAQs) about fokus keyword: Bybit

What is Bybit’s announcement regarding Paypal’s stablecoin?

Bybit, the Dubai-based digital currency exchange, has announced plans to list Paypal’s new stablecoin, PYUSD. The exchange’s co-founder, Ben Zhou, has expressed admiration for Paypal’s vision for the future of payments, including the potential for marked efficiency gains in capital transfer.

When is Bybit planning to list PYUSD?

Bybit has announced that it will list Paypal’s stablecoin PYUSD imminently, though a specific date has not been provided in the text.

Who holds the majority of the PYUSD supply?

As of the information provided, about 99% of the total PYUSD supply is held by the contract and the Paxos Treasury.

What are some characteristics of the underlying blockchain technology as described by Ben Zhou?

Ben Zhou, Bybit’s co-founder, characterizes the underlying blockchain technology as being cost-efficient, with rapid settlement times and global reach. He believes this presents an opportunity to enhance user experience and make significant efficiency gains in capital transfer.

What was the status of PYUSD before Bybit’s announcement?

Before Bybit’s announcement, the PYUSD token had been relatively inactive, with most of the supply controlled by the contract and Paxos Treasury. Paypal announced the PYUSD launch ten days prior, but there had been little activity with the token.

How does Bybit view Paypal’s partnership with Paxos Trust Company?

Bybit’s co-founder, Zhou, views Paypal’s partnership with Paxos Trust Company as an indication of a rigorous regulatory approach and a commitment to compliance, both of which he considers paramount in the evolving landscape of digital currency.


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