Cryptocurrency exchange Crypto.com has been announced as the preferred platform for PayPal and Paxos’ recently launched stablecoin PYUSD.
Crypto.com has already listed the stablecoin on its platform for both retail and institutional users. Currently, the exchange has the deepest liquidity available for PYUSD trading pairs across the world.
The partnership builds on PayPal and Crypto.com’s pre-existing working relationship which has seen PayPal integrating its services for Crypto.com Visa Card users to top-up their accounts seamlessly.
The pair will look to continue to explore further avenues of enhancing the market, aiming to connect on commercial capabilities.
“PayPal has been a true pioneer in the digital commerce evolution and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier,” said Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships at Crypto.com.
“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.”
PYUSD is the first native stablecoin launched by a major financial services company when it was unveiled last August and issued by Paxos.
The stablecoin is 1:1 backed by the US dollar to maintain its stability in a rapidly evolving crypto market, with PayPal aiming for the stablecoin to be compatible with external wallets, a vehicle for person-to-person transactions and to fund various purchases.
Deposits using PYUSD are already available on Crypto.com through the platform’s app with the exchange also revealing added features will be “coming soon”.