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.
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