Crypto.com Partners with PayPal and Paxos for PYUSD Stablecoin
Crypto.com, a Singapore-based cryptocurrency exchange platform, has formed a strategic partnership with PayPal and Paxos to become the leading trading platform for PayPal’s USD-pegged stablecoin (PYUSD). This collaboration demonstrates Crypto.com’s commitment to providing high-quality cryptocurrency services to its users. The exchange currently holds the largest global liquidity for PYUSD trading pairs. PYUSD is available to both retail and institutional users on the platform, with additional trading capabilities planned for the future. This partnership expands on the existing relationship between Crypto.com and PayPal, which allowed users to fund the Crypto.com Visa Card using PayPal.
Features of PayPal’s PYUSD Stablecoin
PYUSD, launched by PayPal in August 2023, is a stable cryptocurrency based on the Ethereum blockchain. It is fully backed by U.S. dollar deposits, ensuring stability and reliability. PYUSD is already listed on major cryptocurrency exchanges such as Bitstamp, Coinbase, and Kraken. It is also accepted as a payment option on platforms like BitPay and Metamask. Venmo users gained access to PYUSD in September, and it has been approved by the New York State Department of Financial Services. The partnership between Crypto.com, PayPal, and Paxos highlights the integration between traditional finance and the cryptocurrency ecosystem.
Hong Kong Prepares for Stablecoin Regulation
Hong Kong legislator Duncan Chiu announced that the region is in the process of establishing guidelines for stablecoin regulation through consultations. Chiu hopes that Hong Kong will release final regulations for stablecoin issuers by mid-next year. This comes as Hong Kong aims to position itself as a center for the Web3 ecosystem and has opened its doors to crypto companies this year. In June, Hong Kong launched its crypto licensing regime, allowing licensed exchanges to offer retail trading services. Additionally, industry experts have urged the Hong Kong government to launch its own stablecoin, HKDG, to compete with USDT and USDC.
Hot Take: Crypto.com Becomes Premier Platform for PYUSD Stablecoin
The partnership between Crypto.com, PayPal, and Paxos solidifies Crypto.com’s position as the leading trading platform for PayPal’s USD-pegged stablecoin. With the largest global liquidity for PYUSD trading pairs, Crypto.com is committed to providing high-quality cryptocurrency services to its users. This collaboration highlights the increasing integration between traditional finance and the cryptocurrency ecosystem, accelerating the adoption of digital assets worldwide. As Hong Kong prepares for stablecoin regulation and opens its doors to crypto companies, it aims to establish itself as a center for the Web3 ecosystem. The future looks promising for stablecoins and their role in the global financial landscape.
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