Popular Singapore-based cryptocurrency exchange Crypto.com partners with PayPal and Paxos
Crypto.com has announced a new partnership with PayPal and Paxos to become the preferred exchange for the PayPal USD (PYUSD) stablecoin. The exchange has already listed PYUSD on its platform for retail and institutional investors, positioning itself as the platform with the deepest liquidity for PYUSD trading pairs globally.
Joe Anzures, SVP and GM at Crypto.com, comments on 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.
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Building on previous partnership
This partnership builds upon the existing collaboration between PayPal and Crypto.com, which enabled PayPal to be used for topping up Crypto.com’s Visa card. PayPal’s stablecoin, launched in August 2023, is pegged to the U.S. dollar and backed by U.S. dollar deposits, short-term Treasurys, and other cash equivalents.
PYUSD’s market capitalization growth
According to CCData’s latest Stablecoins & CBDCs report, PYUSD’s market capitalization surged 87.9% to $8.46 million by September 18. The cryptocurrency’s growth is supported by multiple listings on cryptocurrency exchanges.
Increase in PYUSD trading volume
In August, PYUSD had a trading volume of just over $2 million, with Kraken accounting for over 90% of that figure. However, this month, the trading volume more than quadrupled to $9.29 million as of the 18th, with Huobi accounting for 57% of the volumes.
Hot Take: Crypto.com Partners with PayPal and Paxos to Boost PYUSD Trading
Crypto.com’s partnership with PayPal and Paxos is set to strengthen the position of the PayPal USD (PYUSD) stablecoin in the cryptocurrency market. With Crypto.com becoming the preferred exchange for PYUSD, retail and institutional investors will have increased access to this stablecoin. This collaboration also furthers Crypto.com’s goal of bringing crypto to every wallet by connecting its 80 million users to the latest crypto innovations. The surge in PYUSD’s market capitalization and trading volume demonstrates growing investor interest in this stablecoin, making it a significant player in the cryptocurrency ecosystem.
