Bybit, a Dubai-headquartered crypto exchange with more than $736 million in 24-hour trading volume, has become the latest venue to list the new stablecoin from publicly traded payments giant PayPal. Bybit first announced plans to list PYUSD in August, and trading went live as scheduled on Wednesday. The exchange, which ranks among the world’s largest in trading volume, will offer spot trading for the PYUSD and USDT pair.
PYUSD was previously listed on several crypto exchanges, including Coinbase, Kraken and Huobi, but additional venues could help boost interest in the token. The total market capitalization of PYUSD is $44.38 million, according to CoinGecko data, compared to more than $83 billion for USDT. The 24-hour trading volume for PYUSD is $934,802 versus the $11 billion for Tether, which first launched its stablecoin in 2014.Launched in August, PYUSD was built on the Ethereum blockchain and uses Ethereum’s ERC-20 token standard. The stablecoin can be exchanged for other cryptocurrencies on PayPal but some have questioned the toke’s utility. PYUSD is issued by Paxos Trust, a crypto broker that is subject to regulatory oversight from the New York State Department of Financial Services (NYDFS). PayPal had briefly put its stablecoin plans on hold earlier this year after reports suggested the NYDFS had launched a probe into Paxos.