Singapore-based exchange Crypto.com has teamed up with PayPal and Paxos to become a platform of choice for PayPal USD (PYUSD).
According to the press launch As of September 28, Crypto.com currently has the deepest liquidity for PYUSD trading pairs in the world. The exchange has listed PYUSD for retail and institutional users, with “trading features coming soon.” The move builds on PayPal’s previous partnership with Crypto.com, such as the option to use PayPal to top up your Crypto.com Visa card, according to the press release.
In his commentary, Joe Anzuris, Senior Vice President of the Americas and Global Head of Payment Partnerships at Crypto.com, described Paxos as “the market-leading issuer of stablecoins” and expressed the company’s excitement about the collaboration:
“Connecting our more than 80 million users to the latest cryptocurrency innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued quest to make cryptocurrencies available to every wallet.”
PayPal launched its stablecoin in August 2023. The USD-pegged stablecoin is built on Ethereum and is fully backed by USD deposits, short-term treasury bonds, and cash equivalents.
Related: PayPal’s stablecoin opens the door to the adoption of cryptocurrencies in traditional finance
PYUSD is on major exchanges including Bitstamp, Coinbase, and Kraken, and is supported as a payment option by BitPay and Metamask. In September, the stablecoin became available to Venmo users. The New York State Department of Financial Services has also included PYUSD on its green list of coins approved by the regulatory body.
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