Bybit, one of the largest derivatives crypto exchanges in the world, announced on September 20 that PayPal’s (NASDAQ: PYPL) stablecoin named PYUSD will be available for trading on their platform. Spot trading will also be made available for Bybit’s users.
Notably, the PayPal USD pair against Tether USD on Bybit (PYUSD/USDT) has already made over $26,617 of exchange volume in the last 24 hours of press time, as the order book is starting to get filled by crypto traders and market makers.
PayPal’s stablecoin is also one of the very few cryptocurrencies allowed to be offered by service providers in the state of New York, according to a very exclusive pre-approved greenlist by the NY regulators. This list got smaller on September 19, after the removal of Dogecoin (DOGE) and XRP.
PYUSD is issued by Paxos Trust Company, a fully licensed trust company overseen by the New York State Department of Financial Services.
Recently, Bybit and Paradigm announced a limited-time offer for ‘Pro5’ fee rates, allowing more affordable operational costs for their users while trading options contracts. If a trader uses Paradigm to transact options with a taker and reaches $10 million in taker volume before October 11, they will be eligible for a subsidized fee extension, per the announcement.
PYUSD market analysis
Meanwhile, PayPal USD has quickly grown from $0 to $44 million market capitalization in one month of existence, according to CoinMarketCap’s index. Backed by the company’s credibility in the industry, and its remarkable user base, as a market leader.
Interestingly, Bybit already has 1% of the global exchange volume of $2.79 million in the last 24 hours, by the time of publication.
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