Singapore-based Crypto.com Adds PYUSD Trading Pairs
Crypto.com, a cryptocurrency exchange based in Singapore, has announced the addition of several trading pairs involving PayPal’s stablecoin PYUSD. This move comes as a result of Crypto.com partnering with PayPal and Paxos to become a preferred exchange for the PYUSD stablecoin. The exchange has already listed PYUSD on its platform for both retail and institutional investors and claims to have the deepest liquidity for PYUSD trading pairs globally. The newly added trading pairs include XRP, Dogecoin (DOGE), Solana (SOL), USDT, and Cronos (CRO).
Expanding Partnership Between Crypto.com and PayPal
This initiative builds upon the existing partnership between Crypto.com and PayPal, which previously allowed the use of PayPal to recharge Crypto.com’s Visa card. PayPal’s stablecoin was launched in August 2023 and is backed by U.S. dollar deposits, short-term Treasury securities, and other liquid monetary assets. According to CCData’s report on Stablecoins & CBDCs, PYUSD’s market capitalization has increased by 87.9% to $8.46 million as of September 18, with significant growth driven by cryptocurrency exchange listings.
In August, PYUSD’s trading volume was just over $2 million, with Kraken accounting for over 90% of the volume. However, this month the trading volume has more than quadrupled to $9.29 million as of the 18th, with Huobi representing 57% of the total volume.
Hot Take: Crypto.com Expands PYUSD Trading Pairs Through Partnership with PayPal
Crypto.com’s collaboration with PayPal and Paxos has allowed for the addition of various trading pairs involving PayPal’s stablecoin PYUSD. This move positions Crypto.com as a preferred exchange for PYUSD and provides users with increased liquidity for trading pairs globally. The expanded partnership builds on the existing relationship between Crypto.com and PayPal, which has already facilitated the use of PayPal for recharging Crypto.com’s Visa card. With PYUSD’s market capitalization and trading volume on the rise, this collaboration presents an opportunity for both retail and institutional investors to engage in cryptocurrency trading with enhanced options.
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