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Following its partnership with PayPal and Paxos, leading exchange Crypto.com has introduced a new $PYUSD trading pair for $XRP.
Crypto.com has expanded its support for $XRP by adding a new trading pair for the fifth-largest digital asset by market cap.
$XRP/$PYUSD Pair Added on Crypto.com
In a tweet today, Crypto.com said it had added the $XRP/$PYUSD pair to its trading platform. Notably, the new trading pair is currently available for both retail and institutional users.
New #$XRP, #$SOL and #$DOGE trading pairs are now available in the https://t.co/vCNztATkNg App! 📈
Trade $XRP, $SOL and $DOGE with $PYUSD now!
Get the App 👉 https://t.co/iIoKFVnKVQ pic.twitter.com/bvu0tJ65ew
— Crypto.com (@cryptocom) September 28, 2023
Following the announcement, Crypto.com users can now buy and sell $XRP on the trading platform using PayPal USD ($PYUSD).
Besides $XRP, Crypto.com also added new $PYUSD trading pairs for $DOGE, $SOL, $USDT, and $CRO. While Crypto.com listed $DOGE/$PYUSD and $SOL/$PYUSD pairs for retail investors, the exchange added $PYUSD/$USDT and $CRO/$PYUSD pairs to its institutional trading platform.
Crypto․com Exchange lists Tether USDt, Cronos and $XRP $PYUSD Pair $PYUSD / $USDT, $CRO / $PYUSD and $XRP / $PYUSD 🎉
💰 Trade the $USDT $CRO $XRP $PYUSD pair now
👉 https://t.co/GBTPzwV3F0 pic.twitter.com/MtBXVBqeQn
— Crypto.com Institutional (@Cryptocom_Insto) September 28, 2023
Interestingly, $XRP/$PYUSD is the only pair Crypto.com recently made available for retail and institutional customers.
Crypto.com Partners PayPal and Paxos
The development comes after the Singapore-based exchange announced its partnership with PayPal and Paxos.
Based on the partnership, Crypto.com said it has become the preferred $PYUSD stablecoin exchange. It also boasts about being the crypto exchange with the deepest liquidity for $PYUSD trading pairs.
Commenting on the development, Crypto.com’s SVP of America and global head of payment partnership, Joe Anzures, said:
“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.”
It is worth noting that Crypto.com and PayPal had previously inked a partnership deal. Consequently, the exchange’s users can top up their Crypto.com visa card using PayPal.
Widespread Adoption of PayPal Stablecoin
Meanwhile, $PYUSD, an Ethereum-based dollar-pegged stablecoin, has continued to gain widespread adoption in recent times. Launched in August 2023, $PYUSD has been listed on several cryptocurrency exchanges, including Coinbase, Kraken, KuCoin, Bitstamp, and Bybit.
In an interesting development, the New York State Department of Financial Services (NYDFS) recently added $PYUSD to its so-called greenlist assets. The move comes after the regulator removed over two dozen crypto assets from the list.
For context, $PYUSD is 100% backed by cash equivalents, US dollar deposits, and short-term US treasuries. Notably, Paxos is responsible for issuing the dollar-pegged stablecoin.