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Cryptocurrency exchange Bybit says users can now deposit and withdraw PayPal’s PYUSD stablecoin on the Solana network. 
<a href="https://crypto.news/tag/bybit/" target="_blank" rel="noreferrer noopener">Bybit</a> has announced the expansion of its support for Solana-based assets, including the addition of PayPal’s PYUSD <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noreferrer noopener">stablecoin</a>, the company said in an Aug. 15 press release. 
The move follows PYUSD’s recent milestone of surpassing 500,000 processed transactions, highlighting its growing “adoption across various financial applications,” Bybit said. Data from DefiLlama <a href="https://defillama.com/stablecoins" target="_blank" rel="">indicates</a> that over 54% of PYUSD’s market liquidity is concentrated on Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>), with the remainder on Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>). 
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 <img loading="lazy" decoding="async" width="1506" height="551" src="https://crypto.news/app/uploads/2024/08/iudhfufigdfh.png" alt="Bybit now supports PayPal's PYUSD stablecoin on Solana - 32"> 
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 Stablecoins by market capitalization | Source: <a href="https://defillama.com/stablecoins" target="_blank" rel="">DefiLlama</a>
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PYUSD ranks as the 6th largest stablecoin by market capitalization, boasting the highest month-on-month growth among its competitors, with a 30.7% increase, DefiLlama data also shows. 
 You might also like: <a href="https://crypto.news/brazilian-sec-greenlights-first-solana-etf-launch-hinges-on-stock-exchange-approval/"> Brazilian SEC greenlights first Solana ETF; launch hinges on stock exchange approval </a> 
<h2 class="wp-block-heading" id="paypal-expands-its-stablecoin-across-multiple-networks">PayPal expands its stablecoin across multiple networks</h2> 
Commenting on the listing, Emily Bao, head of web3 and SBU at Bybit, stated 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&nbsp;<a href="https://crypto.news/paypal-ventures-into-stablecoins-with-launch-of-pyusd/" target="_blank" rel="noreferrer noopener">launched</a>&nbsp;its own stablecoin in August 2023, making it the first large financial company to do so. The stablecoin, backed by U.S. dollar deposits, short-term Treasuries, and other similar cash equivalents, is a product of a&nbsp;<a href="https://crypto.news/report-paxos-paypal-partner-crypto-services-offering/">partnership</a>&nbsp;between PayPal and Paxos, a blockchain company that issues stablecoins. 
A few months later, PayPal <a href="https://crypto.news/sec-issues-subpoena-to-paypal-over-its-pyusd-stablecoin/" target="_blank" rel="noreferrer noopener">disclosed</a> 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 <a href="https://crypto.news/paypal-expands-pyusd-stablecoin-to-solana/">support</a> to Solana, citing significant benefits for commerce use cases as the driving force behind the decision. 
 Read more: <a href="https://crypto.news/paypals-stablecoin-has-wallet-freezing-and-wiping-functions/"> PayPal’s stablecoin has wallet freezing and wiping functions </a>

Bybit now supports PayPal’s PYUSD stablecoin on Solana

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