Crypto.com, a Singapore-based exchange, has joined forces with PayPal and Paxos to establish itself as the preferred exchange platform for PayPal USD (PYUSD).
According to a press release dated September 28, Crypto.com has achieved a notable milestone by securing the highest liquidity for PYUSD trading pairs on a global scale. This development enables both retail and institutional users to access PYUSD, with exciting new trading features slated for release in the near future. This strategic move builds upon the established partnership between PayPal and Crypto.com, which includes the innovative option to fund the Crypto.com Visa Card using PayPal, as emphasized in the press release.
PayPal’s stablecoin, launched in August 2023, is securely built on the Ethereum blockchain and is fully backed by deposits in U.S. dollars, short-term Treasuries, and equivalent cash reserves. PYUSD has gained a presence on major exchanges like Bitstamp, Coinbase, and Kraken, and it serves as a payment method through BitPay and MetaMask. Notably, in September, Venmo users were granted access to this stablecoin. Additionally, the New York State Department of Financial Services has granted recognition to PYUSD by including it on its list of approved coins—a significant regulatory milestone.
The primary objective of this collaboration is to connect over 80 million users to the latest crypto advancements while also providing support for PayPal’s extensive network of consumers and merchants. This initiative is instrumental in furthering PayPal’s ongoing mission to make cryptocurrencies accessible to the broader public.
In August 2023, PayPal introduced its stablecoin. This stablecoin, pegged to the U.S. dollar, is constructed on the Ethereum blockchain and is entirely supported by U.S. dollar deposits, short-term Treasuries, and comparable cash assets.
PYUSD is actively traded on prominent exchanges like Bitstamp, Coinbase, and Kraken, and serves as an accepted payment method on platforms like BitPay and Metamask. In September, Venmo users gained access to this stablecoin. Additionally, the New York State Department of Financial Services has granted regulatory approval by including PYUSD on its list of authorized coins.