Cryptocurrency exchange Bybit said it is ready to open spot trading with the PayPal USD (PYUSD) stablecoin in the near future.
According to the exchange’s statement, users can already make deposits in PYUSD, and the issue of listing the steiblcoin is already being addressed.
Deposits and withdrawals will be made through the Etherium network.
PYUSD will be available for trading on the exchange soon, the platform promises. Bybit co-founder Ben Zhou said he is impressed with the potential of stablecoin and how PayPal sees the future of payments.
Zhou said the launch of PYUSD will be another step toward improving the outdated international payment system.
The blockchain technology on which the stablecoin operates will allow for greater user reach and faster payments or money transfers. That could save billions of dollars a year, Zhou noted.
Bybit co-founder reassures that Paypal’s partnership with Paxos Trust will prove a serious approach to compliance.
Compliance with regulations is important for an emerging industry, which is why Bybit supports PayPal’s initiative to have the PYUSD stablecoin help bridge the gap between traditional money and digital assets.
Payments giant PayPal announced the launch of its own stablecoin about ten days ago.
A day after PayPal s announcement, cryptocurrency exchange Huobi expressed its willingness to float the token for trading.