Cryptocurrency exchange Crypto.com has announced that it currently holds the highest liquidity for PYUSD trading pairs worldwide, according to a press release dated September 28. The exchange has made PYUSD available for both retail and institutional users, with additional trading features expected in the near future. This development marks a significant step forward in the partnership between PayPal and Crypto.com, with prior collaborative efforts including the option to use PayPal for topping up the Crypto.com Visa Card.
Crypto.com executive lauds PayPal for the partnership
Joe Anzures, Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, praised Paxos as a “market-leading issuer of stablecoins” and expressed enthusiasm about the ongoing collaboration. He emphasized the importance of connecting Crypto.com’s vast user base, exceeding 80 million individuals, to the latest crypto innovations while supporting PayPal’s global network of consumers and merchants. This partnership aligns with Crypto.com’s commitment to making cryptocurrency accessible to everyone. PayPal introduced its stablecoin, PYUSD, in August 2023.
This U.S. dollar-pegged stablecoin is built on the Ethereum blockchain and is fully backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents. Its launch represented a significant move by PayPal into the world of cryptocurrency. PYUSD has gained prominence across major cryptocurrency exchanges, including Bitstamp, Coinbase, and Kraken. It is also supported as a payment option by popular platforms like BitPay and MetaMask. In a notable expansion, PYUSD became available to Venmo users in September, further broadening its reach.
Additionally, the New York State Department of Financial Services has included PYUSD on its list of approved coins, signifying its regulatory acceptance and compliance. Crypto.com’s achievement of having the deepest liquidity for PYUSD trading pairs on a global scale underscores its growing influence in the cryptocurrency market. Liquidity is a crucial metric for cryptocurrency exchanges as it indicates the ease with which assets can be bought or sold without causing significant price fluctuations.
Boosting institutional and retail crypto adoption
The exchange’s decision to list PYUSD for both retail and institutional users demonstrates its commitment to offering a wide range of cryptocurrency options to its diverse user base. This move also aligns with the broader trend of cryptocurrency adoption, with both individual investors and institutions showing increasing interest in digital assets. The collaboration between Crypto.com and PayPal has been steadily expanding, with the recent addition of PYUSD trading pairs being the latest development.
One notable aspect of their partnership is the ability for Crypto.com users to use PayPal to top up their Crypto.com Visa Cards. This integration of traditional financial services with cryptocurrency platforms makes it easier for users to bridge the gap between fiat currency and digital assets. PayPal’s introduction of PYUSD in August 2023 marked a significant step for the payment giant into the world of stablecoins. Stablecoins are a type of cryptocurrency designed to maintain a stable value by being pegged to a specific asset, in this case, the U.S. dollar. This stability makes them suitable for various use cases, including online purchases, remittances, and as a store of value.
PYUSD, being fully backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents, provides users with a reliable and secure digital representation of the U.S. dollar. Its availability on major cryptocurrency exchanges, as well as its acceptance by various payment platforms, has contributed to its growing prominence within the crypto ecosystem. The inclusion of PYUSD on the New York State Department of Financial Services’ green list of approved coins highlights its compliance with regulatory standards. This regulatory acceptance is essential in establishing trust among users and institutions, as it demonstrates adherence to legal and financial requirements.
Crypto.com’s achievement of holding the highest liquidity for PYUSD trading pairs globally signifies the exchange’s increasing influence in the cryptocurrency market. It also reflects the growing interest and demand for stablecoins, particularly those backed by reputable financial institutions like PayPal. The partnership between Crypto.com and PayPal, exemplified by the availability of PYUSD on the exchange, represents a significant step in making cryptocurrency more accessible. As regulatory acceptance of stablecoins continues to grow, they are poised to play an increasingly important role in the global financial ecosystem, offering stability and versatility to users around the world.
