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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.