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Bitget exchange integrates PayPal USD (PYUSD) stablecoin, backed by Paxos Trust Company, LLC, enhancing the user trading experience with legal compliance.

PayPal USD (PYUSD), a stablecoin backed by Paxos Trust Company, LLC, was just listed on Bitget. Its listing became live today. This calculated move shows how dedicated the exchange is to providing its users with a seamless trading environment while adhering to all legal requirements. Take a peek at every detail down below.

PayPal

The stablecoin PayPal USD (PYUSD) debuts on Bitget

As expected, Bitget, the top exchange focused on copy trading and cryptocurrency derivatives, is pleased to announce that PayPal USD (PYUSD) will soon be available on its trading platform.

Stablecoin PYUSD was created with great care to adhere to the highest regulatory requirements. Stability and dependability are ensured by 1:1 equal reserves made up of US Treasury bonds and US dollar bank deposits, and it is based on the Ethereum blockchain.

The most recent market data shows that PYUSD has a total capitalization of $44,836,368—a mere 0.17% of the total supply of USDC. Daily trade volume has reached a noteworthy $1.76 million USD, with major worldwide exchanges contributing significantly.

Interestingly, just 9% of the PYUSD is seen on cryptocurrency trading platforms, but 88% of the entire quantity is securely kept at Paxos Trust.

This distribution, which shows that PYUSD has increasing potential in the cryptocurrency market, is 6.15 percent on Kraken, 2.14% on Crypto.com, and 1.79% on Coinbase.

Furthermore, it should be mentioned that the organization serving as PYUSD’s custodian and issuer, Paxos Trust Company, LLC, is pleased to possess the BitLicense granted by the New York State Department of Financial Services.

This dual license serves as a testament to PYUSD’s unwavering commitment to compliance at every turn.

Bitget’s PYUSD: a compliance innovation in cryptocurrency trading

We observe that Bitget’s trading platform now gives consumers several compliance benefits with the integration of PYUSD. Indeed, PYUSD enables traders to use PayPal to make compliant withdrawals because of its stablecoin status and strong regulatory environment.

For companies looking for cost-effective compliance solutions without sacrificing ease of use, this feature is especially appealing.

Furthermore, Bitget is notable for how simple it is to buy PYUSD. The platform enables customers to quickly and conveniently make bank card payments in over 20 different currencies globally.

Additionally, users can take advantage of zero-rate transactions, which increase trading cost effectiveness, by using their Visa/Mastercard credit and debit cards to buy PYUSD.

Gracy Chen, managing director of Bitget, stated the following in this regard:

We are excited to welcome PayPal USD to our platform. Bitget has always been dedicated to listing innovative assets and PYUSD is no exception.

This listing highlights our ongoing commitment to providing our users with innovative, regulatory-compliant options for their trading needs. 

With PYUSD, traders on Bitget can experience the benefits of a stablecoin that combines cutting-edge technology with rigorous compliance standards, all while enhancing their trading experience.

The pricing of PYUSD on Bitget, which combines cutting-edge technology and stringent compliance requirements to empower traders and enhance the trading experience overall, is not surprising and marks a turning point in the growth of cryptocurrency trading.

Bitget Wallet streamlines Quick Buy cryptocurrency access while increasing support for fiat currencies

Recently, Bitget Wallet—formerly BitKeep—officially increased the amount of fiat currencies it supports through its “Quick Buy” service, including EUR, RUB, and JPY.

This is a big step in improving the Over-The-Counter (OTC) functionality of the cryptocurrency wallet and giving users more access choices.

Bitget Wallet’s primary objective in expanding its service to include three more fiat currencies is to lower entry barriers into the Web3 ecosystem.

This connection is a crucial component of the Quick Buy Service, a program created to make it simpler and faster to buy and trade cryptocurrencies.

Quick Buy works together with a number of over-the-counter (OTC) service providers to integrate a variety of payment solutions that cater to the varied demands of consumers worldwide.

Well-known payment processors like MoonPay, Alchemy Pay, Simplex, FaTPay, Banxa, and Transak are among those that Quick Buy supports. Furthermore, Visa, PayPal, Mastercard, Apple Pay, and Google Pay are acceptable forms of payment.

With the addition of these three new fiat currencies, Bitget Wallet’s Quick Buy service now offers a cryptocurrency buying and selling platform that spans over ten blockchain networks and provides access to over fifty distinct token varieties, including ETH, BTC, USDT, USDC, and many more.

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