Singapore-based cryptocurrency exchange, Crypto.com, has partnered with PayPal and Paxos to become a preferred platform for PayPal USD (PYUSD). In a press release on September 28, Crypto.com announced that it currently possesses the deepest liquidity for PYUSD trading pairs globally. The exchange has listed PYUSD for both retail and institutional users, with additional trading features expected to be introduced in the near future. This collaboration builds on the existing partnership between PayPal and Crypto.com, which already includes the option to use PayPal to top up the Crypto.com Visa Card.
Joe Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, expressed his excitement about the collaboration with Paxos, stating that they are a market-leading issuer of stablecoins. He also highlighted the importance of connecting over 80 million Crypto.com users to the latest crypto innovations, and supporting PayPal’s global network of consumers and merchants.
PayPal launched its stablecoin in August 2023. The stablecoin, which is pegged to the United States dollar, is built on the Ethereum blockchain and fully backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents. The partnership with Crypto.com further expands the use cases of PayPal’s stablecoin and facilitates its integration into the cryptocurrency ecosystem.
PYUSD is already available on major exchanges such as Bitstamp, Coinbase, and Kraken. It is also supported as a payment option by BitPay and MetaMask. In September, the stablecoin became accessible to Venmo users, further expanding its reach. Additionally, the New York State Department of Financial Services has included PYUSD on its green list of coins approved by the regulator, further validating its credibility and compliance with regulatory standards.
This partnership between Crypto.com, PayPal, and Paxos highlights the growing acceptance and adoption of stablecoins as a means of facilitating cryptocurrency transactions. Stablecoins offer the advantages of traditional cryptocurrencies, such as speed and security, while also minimizing price volatility by pegging their value to an underlying asset.
As the use of stablecoin grows, it opens up new possibilities for mainstream adoption of cryptocurrencies in traditional finance. The collaboration between Crypto.com and PayPal represents a significant step towards bridging the gap between traditional financial systems and the emerging world of cryptocurrencies, bringing the benefits of digital assets to a wider audience.
Overall, this partnership demonstrates the increasing integration of stablecoins into the global financial ecosystem, providing users with more options for secure and efficient digital transactions.