PayPal USD

<p>In an ever-tightening integration of conventional financial systems with the realm of cryptocurrencies, Singapore’s Crypto.com has forged a strategic alliance with PayPal and Paxos.</p><h2 id="header-0">Providing liquidity for PYUSD trading pairs</h2><p>According to a<a href="https://crypto.com/company-news/crypto-com-teams-up-with-paypal-and-paxos-to-further-enable-paypal-usd-pyusd" rel="noopener noreferrer nofollow"> press release</a> published by the crypto trading platform on Thursday, the alliance will fortify Crypto.com’s status as the foremost exchange platform for PayPal’s USD-pegged stablecoin, PYUSD. The implications of this collaboration extend far and wide, affecting both individual retail traders and institutional investors.</p><p>With this move, the platform solidifies its position as the premier destination for managing PYUSD, boasting the most extensive global liquidity for PYUSD trading pairs. PYUSD, masterminded by digital asset solutions firm Paxos Trust Company, is a stablecoin backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents. This robust backing provides the digital asset with stability and dependability.</p><h2 id="header-1">Gathering momentum</h2><p>The new stablecoin is rapidly gaining recognition and prominence, securing placements on major cryptocurrency exchanges such as Bitstamp, Coinbase, and Kraken. It also functions as a preferred payment option on platforms like BitPay and MetaMask. Most notably, the New York State Department of Financial Services has given its seal of approval to PYUSD, categorizing it under its coveted “green list” of regulated cryptocurrencies.</p><p>The collaboration between Crypto.com, PayPal, and Paxos is an extension of their preexisting partnership that allowed users to fund the Crypto.com visa card using PayPal. Joe Anzures, Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, pointed towards Paxos’ status as a stablecoin issuer and emphasized the potential to connect more than 80 million Crypto.com users with cutting-edge crypto innovations while providing vital support to PayPal’s extensive global network of consumers and merchants. Anzures remarked:</p><p>“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.”</p><h2 id="header-2">Importance of stablecoins</h2><p>The collaboration also shines a spotlight on the growing importance of stablecoins within the cryptocurrency ecosystem. As stablecoins continue to gain traction and become more accessible, this partnership is poised to expedite the widespread adoption of digital assets in the global financial landscape.</p><p>In a related development, leading USD stablecoin issuer Circle struck up a<a href="https://medium.com/&#64;coinness.gl/circle-and-grab-partner-to-pilot-web3-app-integration-bfa1c594cff1" rel="noopener noreferrer nofollow"> strategic partnership</a> earlier this month with Singapore super app Grab, with Circle’s Web3 services platform being integrated into the Grab app as part of the deal.</p><p>Meanwhile, the local regulator, the Monetary Authority of Singapore (MAS), <a href="https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework" rel="noopener noreferrer nofollow">announced</a> the outline of a new regulatory framework in respect of stablecoins in August.</p><p>Crypto.com’s partnership with PayPal and Paxos represents a significant leap forward in the cryptocurrency space. The collaboration will likely boost the exchange’s reputation as a premier destination for PYUSD trading, fostering accessibility to cryptocurrencies and contributing to the ongoing convergence of traditional finance with the digital asset landscape.</p><p>As stablecoins like PYUSD continue to garner regulatory approval and broader acceptance, the cryptocurrency ecosystem continues its journey toward mainstream recognition.</p>

Crypto.com Becomes Preferred Platform for Paypal’s PYUSD

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