Paypal Selects Crypto.com as ‘Preferred Exchange’ for PYUSD Stablecoin

Crypto.com announced a partnership with Paypal that aims to establish the digital assets exchange as the preferred trading platform for the online payment provider’s new paypal usd (PYUSD) stablecoin. In a press release, the crypto firm highlighted it has already listed the new currency and is currently the exchange with the deepest liquidity for its trading pairs. Paypal introduced the stablecoin in early August with the stated goal to eventually making it an integral part of its payments infrastructure. PYUSD is issued by the New York-based Paxos Trust Company on the Ethereum blockchain and is reportedly redeemable 1:1 for U.S. dollars, backed by dollar deposits, short-term Treasury securities, and comparable assets. “PayPal has been a true pioneer in the digital commerce evolution and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier,” said Crypto.com’s Senior Vice President and Head of Payment Partnerships Joe Anzures. The partnership expands the integration between the financial giant and the crypto exchange which offers users of its Visa Card the option to top it up with Paypal. Furthermore, PYUSD deposits are already available to Crypto.com retail users via the platform’s app and the exchange promises trading features in the near future.