Singapore-based Crypto.com, known for its numerous sponsorship agreements and recognition in the cryptocurrency markets, has once again made headlines with its latest partnership. The exchange has announced a partnership with PayPal and Paxos to become the preferred platform for PayPal’s recently announced stablecoin project, PayPal USD.
According to a press release on September 28, Crypto.com currently has the largest liquidity pool for PYUSD trading pairs across the cryptocurrency markets. The exchange has listed PYUSD for individual and institutional users and announced that significant features about this crypto asset will be revealed soon.
According to the press release, this move is based on a previous partnership between PayPal and Crypto.com. The mentioned partnership involved offering users the option to load balances to their Visa Card using PayPal on the exchange.
Joe Anzures, Senior Vice President for the Americas Region and Global Head of Payment Partnerships at Crypto.com, described Paxos as the market leader in stablecoin issuance and expressed his excitement about the partnership with the following statement:
“Connecting our 80 million users to the latest crypto innovations and supporting PayPal’s global consumer and trade network will be crucial in our ongoing pursuit to bring crypto to every wallet.”
As previously announced in August 2023, PayPal launched its stablecoin, which is pegged to the US dollar and built on the Ethereum infrastructure. It is fully backed by US dollar deposits, short-term treasury bonds, and similar cash investment products.
PayPal’s product, PYUSD, is listed on globally renowned cryptocurrency exchanges such as Bitstamp, Coinbase, and Kraken. It is also offered as a payment option by BitPay and Metamask. In September, stablecoin Venmo was launched for Venmo users. Following these developments, the New York State Department of Financial Services included PYUSD in the approved green token list.