PayPal launched its U.S. dollar-backed stablecoin in August 2023.
Singapore-based exchange Crypto.com has partnered with PayPal and Paxos to become a preferred platform for PayPal USD (PYUSD).
According to a press release from Sept. 28, Crypto.com currently possesses the deepest liquidity for PYUSD trading pairs globally. The exchange has listed PYUSD for retail and institutional users, with “trading features coming soon.” This move builds on PayPal and Crypto.com’s previous partnership, such as an option to use PayPal to top up the Crypto.com Visa Card, according to the press release.
In his commentary, Joe Anzures, senior vice president of Americas and global head of payment partnerships at Crypto.com, called Paxos “a market-leading issuer of stablecoins” and expressed the company’s excitement about the collaboration:
“Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”
PayPal launched its stablecoin in August 2023. The United States dollar-pegged stablecoin is built on Ethereum and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents.
Related: PayPal’s stablecoin opens the door for crypto adoption in traditional finance
PYUSD is present 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 regulator.
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