Popular Singapore-based cryptocurrency exchange Crypto.com has announced a new partnership with PayPal and Paxos for it to become a preferred exchange for the PayPal USD (PYUSD) stablecoin that the payments giant launched last month.
The cryptocurrency exchange has said in a press release that it has already listed PYUSD on its platform for both retail and institutional investors and is “currently the crypto trading platform with the deepest liquidity for PYUSD trading pairs globally.”
Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships at Crypto.com, was quoted saying:
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.
The move builds on PayPal and Crypto.com’s previous partnership which already allowed PayPal to be used as a way to top up Crypto.com’s Visa card. PayPal’s stablecoin, which was launched back in August 2023, is pegged to the U.S. dollar and is backed by U.S. dollar deposits, short-term Treasurys, and other cash equivalents.
According to CCData’s latest Stablecoins & CBDCs report, PYUSD’s market capitalization surged 87.9% to $8.46 million by September 18, with the cryptocurrency’s growth being backed by numerous cryptocurrency exchange listings.
The cryptocurrency’s trading volume in August was of little over $2 million, with Kraken accounting for over 90% of the figure. This month, PYUSD’s trading volume more than quadrupled to $9.29 million as of the 18th, with Huobi accounting for 57% of the volumes.
Featured image via Pexels.