Crypto.com Partners with PayPal to Boost PYUSD Adoption
Crypto.com partners with PayPal and Paxos to boost adoption of PYUSD stablecoin. Advanced trading features coming soon.
Crypto.com's partnership with PayPal and Paxos is centered around the trading of PYUSD, PayPal's stablecoin. Launched in August 2023, PYUSD has been striving to gain traction and adoption in the crypto market. While the stablecoin has been listed on major exchanges like Bitstamp, Coinbase, and Kraken, its adoption rate has been relatively slow.
Crypto.com's collaboration aims to change this. The platform has now listed PYUSD for both retail and institutional users, with advanced trading features set to roll out soon. This partnership is expected to provide a significant boost to PYUSD's trading volume and adoption.
PayPal, Paxos, and https://t.co/vCNztATkNg are taking crypto to new heights.????
Together, we're shaping the future of finance, with PYUSD integration and enhanced top-up options, including the https://t.co/vCNztATkNg Visa Card. pic.twitter.com/id2KhUqsQj — Crypto.com (@cryptocom) September 28, 2023
The recent partnership isn't the first instance of collaboration between Crypto.com and PayPal. The two entities have previously worked together, allowing users to top up their Crypto.com Visa Card using PayPal.
Joe Anzures, the Senior Vice President and General Manager at Crypto.com, encapsulated this sentiment, stating:
"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."
PayPal PYUSD Data on Unreleased Supply.
The image above shows that since its launch, 33.4 million PYUSD tokens have remained unreleased, constituting 75% of the total outstanding PYUSD supply. Although the adoption has been modest, there has been a recent increase in usage. On September 14, a report stated that the unreleased tokens accounted for as much as 80% of the total outstanding supply, but that figure has since decreased to 75%.