PayPal USD (PYUSD) Stablecoin Debuts on Bitget Exchange

Bitget, a prominent cryptocurrency exchange and copy trading platform, has announced the listing of PayPal USD (PYUSD), a stablecoin issued and hosted by Paxos Trust Company, LLC. This strategic move underscores Bitget’s dedication to delivering a seamless and fully compliant trading experience to its users.

PYUSD is a stablecoin designed with the utmost focus on compliance standards. It is deployed on the Ethereum blockchain and is backed by a 1:1 equivalent of US dollar bank deposits and US Treasury bonds.

As per the latest market data, PYUSD boasts a total market capitalization of 44,836,368, representing only 0.17% of USDC’s total supply. The coin demonstrates impressive daily trading volume, standing at 1.76 million US dollars, with significant contributions from leading exchanges worldwide.

A noteworthy aspect of PYUSD’s distribution is that 88% of it is securely held in Paxos Trust’s wallet, while cryptocurrency trading platforms account for just 9% of the total supply. This distribution, with 6.15% on Kraken, 2.14% on Crypto.com, and 1.79% on Coinbase, underscores PYUSD’s burgeoning potential within the crypto market.

The decision to introduce PYUSD on Bitget is rooted in a firm commitment to regulatory compliance. PayPal, Inc. possesses a virtual currency business license issued by the New York State Department of Financial Services, ensuring that all PYUSD-related activities align with established regulatory frameworks. Furthermore, Paxos Trust Company, LLC, the custodian and issuer of PYUSD, holds a BitLicense from the New York State Department of Financial Services, further validating its regulatory standing.

For Bitget’s trading users, the addition of PYUSD opens avenues of compliance-driven opportunities. As a stablecoin with strong regulatory credentials, PYUSD enables traders to execute compliant withdrawals via PayPal. This feature is particularly attractive to traders seeking seamless compliance solutions without compromising on cost-efficiency.

Bitget stands out for its ability to facilitate the purchase of PYUSD using bank cards, supporting payments in over 20 currencies globally. This feature ensures rapid and convenient access for users, supporting Visa/Mastercard credit cards and debit cards. Users can utilize bank cards to purchase PYUSD, benefitting from a 0-rate order and enhancing the cost-efficiency of their trading endeavors.

Gracy Chen, Managing Director of Bitget, expressed enthusiasm about the addition of PayPal USD to their platform. Chen highlighted Bitget’s ongoing dedication to listing innovative assets, with PYUSD being a notable inclusion. This listing, according to Chen, emphasizes Bitget’s steadfast commitment to offering users innovative options that prioritize compliance. With PYUSD, traders on Bitget can now experience the advantages of a stablecoin that integrates cutting-edge technology with rigorous compliance standards, enhancing their overall trading experience.

The listing of PYUSD on Bitget marks a significant moment in the crypto trading landscape. It represents the convergence of cutting-edge technology with stringent compliance standards, empowering traders and elevating the overall trading experience to new heights.

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