Crypto.com exchange has partnered with PayPal and Paxos to become the most popular platform for PayPal USD (PYUSD).
According to a press release from September 28th, Crypto.com has the most liquid PYUSD trading pairs in the world. The exchange has listed PYUSD for retail and institutional traders, and “trading features are coming soon.”
According to the press release, this move expands on PayPal and Crypto.com’s previous partnership, which included the option to use PayPal to reload the Crypto.com Visa Card.
Joe Anzures, Senior Vice President of the Americas and Global Head of Payment Partnerships at Crypto.com, referred to Paxos as “a market-leading issuer of stablecoins” in his commentary and conveyed the company’s enthusiasm about the partnership:
“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.”
In August of 2023, PayPal released a stablecoin. The stablecoin pegged to the U.S. dollar is based on Ethereum and supported by U.S. dollar deposits, short-term Treasurys, and other cash equivalents.
PYUSD is available on key exchanges such as Bitstamp, Coinbase, and Kraken and as a payment option on BitPay and Metamask. The stablecoin became available to Venmo customers in September. The New York State Department of Financial Services has added PYUSD to its list of authorized cryptocurrencies.
