Victoria, Seychelles , Sept. 26, 2023 (GLOBE NEWSWIRE) -- Bitget, top crypto derivatives and copy trading exchange, is thrilled to announce the upcoming listing of PayPal USD (PYUSD), a stablecoin issued and hosted by Paxos Trust Company, LLC, on its trading platform starting today. This strategic move reflects Bitget's commitment to providing traders with a seamless and compliant trading experience.
PYUSD is a stablecoin meticulously crafted to adhere to the highest standards of compliance. Published on the Ethereum blockchain, it is backed by a 1:1 equivalent of US dollar bank deposits and US Treasury bonds, ensuring its stability and trustworthiness.
As of the latest market data, PYUSD boasts a total market capitalization of 44,836,368, with a total supply representing a mere 0.17% of USDC. The daily trading volume stands at an impressive 1.76 million US dollars, with significant contributions from top exchanges worldwide.
Notably, 88% of PYUSD remains 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, signifies the burgeoning potential of PYUSD in the crypto market.
The introduction of PYUSD to Bitget is underpinned by an ironclad commitment to regulatory compliance. PayPal, Inc. holds a virtual currency business license issued by the New York State Department of Financial Services, ensuring that all activities related to PYUSD fall within the bounds of established regulatory frameworks.
Furthermore, Paxos Trust Company, LLC, the custodian and issuer of PYUSD, is a proud holder of a BitLicense from the New York State Department of Financial Services. This dual-layered licensing underscores the commitment to compliance at every step of the PYUSD journey.
For Bitget's trading users, the addition of PYUSD opens up a world of compliance-driven possibilities. As a stablecoin with impeccable regulatory standing, PYUSD offers traders the ability to execute compliant withdrawals via PayPal. This feature presents an attractive proposition for traders seeking seamless compliance solutions without compromising on cost-efficiency.
Bitget stands out in its ability to facilitate the purchase of PYUSD with utmost ease. The platform supports bank card payments in over 20 currencies worldwide. This feature ensures fast and convenient access for users, as it supports Visa/Mastercard credit cards and debit cards. Users can utilize a bank card to purchase PYUSD and enjoy a 0-rate order, enhancing the cost-efficiency of trading.
"We are excited to welcome PayPal USD to our platform," said Gracy Chen, Managing Director of Bitget. "Bitget has always been dedicated to listing innovative assets and PYUSD is no exception. This listing highlights our unwavering commitment to providing our users with innovative and compliance-focused options for their trading needs. With PYUSD, traders on Bitget can experience the benefits of a stablecoin that blends cutting-edge technology with rigorous compliance standards, all while enhancing their trading experience."
The listing of PYUSD on Bitget signifies a pivotal moment in the crypto trading landscape, one that merges cutting-edge technology with rigorous compliance standards, ultimately empowering traders and enhancing the overall trading experience.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
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