PayPal has partnered with Crypto.com, which will now become a preferred platform for PYUSD. The exchange has already listed PYUSD on its platform for both retail and institutional users with trading features coming soon, and is “currently the crypto trading platform with the deepest liquidity for PYUSD trading pairs globally,” according to an announcement.
PYUSD has already been trading on Kraken, Coinbase, Gate.io, KuCoin, Bybit and other exchanges, including Bitget which was signed yesterday. However, Crypto.com has more pairs, including BTC, ETH, SOL CRO/PYUSD and a larger trading depth. Crypto.com is one of 10 crypto payment gateways integrated into the popular e-commerce platform, Shopify.
“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,” - said Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships, Crypto.com.
PayPal and Crypto.com promise to continue bringing more connected top-up and commerce capabilities to market in the future.
PayPal became the first large financial services company to launch a stablecoin for public use. The U.S. dollar-pegged PYUSD was released in August 2023 in partnership with Paxos on the Ethereum blockchain. Earlier this month, the stablecoin issuer published the token's first transparency report, showing that the coin is fully backed by secure assets, mainly Treasury reverse repurchase agreements (97%). In September, the New York State Department of Financial Services included PYUSD and Paxos USDP on its green list of coins approved by the regulator, while main rivals, USDT and USDC, were not included.
PYUSDT is also now available on Venmo, an American mobile payment service owned by PayPal.
With great power comes great responsibility, they say. PayPal has 435 million customers globally, which means that its stablecoin success - or failure - could have a tremendous impact. Some politicians have raised concerns and say that Federal oversight and enforcement is essential in order to guarantee consumer protections. Ensuring compliance with authorities when it comes to the often poorly regulated world of crypto can be complicated even for such a well-established company.
However, PayPal obviously has every opportunity to increase crypto adoption globally and thus push the development of regulations at the same time. We will continue to Observe and keep you updated.