Singapore’s renowned cryptocurrency exchange, Crypto.com, is strengthening its ties with payment giant PayPal and blockchain infrastructure platform Paxos, becoming a preferred exchange for the trading of PayPal’s U.S. dollar-backed stablecoin, PYUSD.
In an announcement made on September 28, Crypto.com boasted the most profound global liquidity for PYUSD trading pairs. The exchange is now offering PYUSD to both its retail and institutional clientele, with advanced trading features slated for introduction shortly.
This development amplifies the already established alliance between Crypto.com and PayPal, exemplified by features such as the capability for users to top up their Crypto.com Visa Cards using PayPal, as highlighted in the official press release.
Joe Anzures, Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, lauded Paxos for its prominent role in issuing stablecoins. He expressed enthusiasm about the partnership and underscored its strategic importance in broadening access to cutting-edge crypto innovations. The collaboration is poised to augment the global network of PayPal, benefiting millions of consumers and merchants.
PYUSD made its debut in the cryptocurrency scene in August 2023. The stablecoin, anchored to the U.S. dollar, operates on the Ethereum blockchain and is backed by U.S. dollar deposits, short-term Treasurys, and analogous cash equivalents. It has garnered a presence on notable exchanges, including Bitstamp, Coinbase, and Kraken. In addition, PYUSD has been integrated as a payment option by BitPay and MetaMask.
In a significant endorsement, PYUSD was greenlit by the New York State Department of Financial Services, earning a spot on its esteemed list of approved coins. This regulatory nod is a testament to the stablecoin’s credibility and compliance with established financial standards. The recent expansion also saw PYUSD becoming accessible to Venmo users, marking another milestone in its rapidly growing ecosystem.
