According to a press release dated September 28th, Crypto.com now has the highest liquidity for PYUSD trading pairs on a global scale. The exchange has made PYUSD available for both retail and institutional users, with additional trading features set to be introduced in the near future.
This development builds on the existing partnership between PayPal and Crypto.com, which includes the option to fund the Crypto.com Visa Card using PayPal, as stated in the press release.
Joe Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, commended Paxos as a leading issuer of stablecoins and expressed the company’s enthusiasm for the collaboration.
Anzures emphasized the significance of connecting their vast user base of over 80 million individuals to the latest crypto innovations, while also supporting PayPal’s extensive network of consumers and merchants. He described this endeavor as a crucial step in their ongoing mission to bring cryptocurrency accessibility to everyone.
PayPal launched its stablecoin in August 2023. This stablecoin is pegged to the United States dollar, built on the Ethereum blockchain, and backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents.
PYUSD is currently available on prominent exchanges such as Bitstamp, Coinbase, and Kraken. It is also supported as a payment option by BitPay and MetaMask. In September, Venmo users gained access to this stablecoin as well. Additionally, the New York State Department of Financial Services has included PYUSD on its list of approved coins, known as the “green list.”