bitcoinworld.co.in
In August 2023, PayPal made a significant move by introducing its stablecoin, backed by the U.S. dollar. Partnering with Crypto.com, based in Singapore, and Paxos, PayPal aimed to establish itself as a leading platform for USD transactions.
As of a press release dated September 28, Crypto.com has successfully secured the position of having the highest liquidity for PYUSD trading pairs on a global scale. They have made PYUSD available to both retail and institutional users, with exciting “trading features” soon to follow. This strategic development builds upon the existing partnership between PayPal and Crypto.com, including the innovative option to fund the Crypto.com Visa Card using PayPal, as highlighted in the press release.
The collaboration’s overarching goal is to connect over 80 million users to the latest crypto innovations while simultaneously supporting PayPal’s vast network of consumers and merchants. This endeavor plays a pivotal role in PayPal’s ongoing mission to bring cryptocurrencies to the masses.
PayPal’s stablecoin, launched in August 2023, is securely built on the Ethereum blockchain and fully backed by deposits in U.S. dollars, short-term Treasuries, and equivalent cash reserves. PYUSD has garnered presence on major exchanges such as Bitstamp, Coinbase, and Kraken, and it enjoys support as a payment method through BitPay and MetaMask. Notably, in September, Venmo users gained access to this stablecoin. Moreover, the New York State Department of Financial Services has recognized PYUSD by including it on its list of approved coins—a significant regulatory milestone.