Paypal has selected Crypto.com as its “preferred exchange” for the new stablecoin, PYUSD, issued by blockchain company Paxos. This partnership aims to support the U.S. dollar-pegged cryptocurrency and provide liquidity for its market. Crypto.com has already listed PYUSD and currently has the deepest liquidity for its trading pairs.
The announcement of the partnership positions Crypto.com as the preferred trading platform for Paypal’s new stablecoin. Paypal introduced PYUSD in August with the goal of integrating it into its payments infrastructure. The stablecoin is issued by Paxos Trust Company on the Ethereum blockchain and is redeemable 1:1 for U.S. dollars, backed by dollar deposits, short-term Treasury securities, and similar assets.
Joe Anzures, Crypto.com’s Senior Vice President and Head of Payment Partnerships, expressed excitement about teaming up with Paypal and Paxos to advance the crypto frontier. The partnership expands the integration between Paypal and Crypto.com, allowing Crypto.com Visa Card users to top up their cards with Paypal and providing PYUSD deposits for retail users via the Crypto.com app. Paypal has been increasingly involved in the crypto space, allowing users to send and receive cryptocurrencies and filing a patent application for an NFT marketplace. They have also announced plans to facilitate crypto payments for Web3 platforms.
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