PayPal, Crypto.com, Paxos Partner for PYUSD

The Singapore-based cryptocurrency exchange Crypto.com has partnered with PayPal and Paxos to become the platform of choice for PayPal USD.

According to a press release from September 28th, Crypto.com has the most liquid PYUSD trading pairs in the world. PYUSD has been listed on the exchange for retail and institutional traders, with “trading features 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 director of payment partnerships at Crypto.com, referred to Paxos as “a market-leading issuer of stablecoins” in his commentary and expressed the company’s excitement 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 2023, PayPal released a stablecoin. The stablecoin pegged to the U.S. dollar is based on Ethereum and is entirely backed by U.S. dollar deposits, short-term Treasury bills, and other cash equivalents.

PYUSD can be traded on major exchanges, including Bitstamp, Coinbase, and Kraken, and it is backed by payment processors like 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.