Cryptocurrency exchange Bybit says users can now deposit and withdraw PayPal’s PYUSD stablecoin on the Solana network.

Bybit has announced the expansion of its support for Solana-based assets, including the addition of PayPal’s PYUSD stablecoin, 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 indicates that over 54% of PYUSD’s market liquidity is concentrated on Solana (SOL), with the remainder on Ethereum (ETH).

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.

PayPal expands its stablecoin across multiple networks

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 launched 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 partnership between PayPal and Paxos, a blockchain company that issues stablecoins.

A few months later, PayPal disclosed 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 support to Solana, citing significant benefits for commerce use cases as the driving force behind the decision.