Crypto exchange Crypto.com has become a preferred PayPal USD (PYUSD) exchange in collaboration with fintech giant PayPal and the stablecoin issuer Paxos.
PayPal’s stablecoin, PYUSD, launched to great fanfare in August. However, the hype has not converted into adoption, which is the reason the company is exploring different ideas to boost business.
Through an official announcement, Crypto.com revealed that it aims to utilize PayPal’s global network of consumers and merchants to bring “crypto to every wallet.”
This partnership makes Crypto.com a preferred crypto exchange for the stablecoin PYUSD. Users can also top up their Crypto.com Visa card through PayPal. Both companies want to explore more collaborative use cases.
Read more: How to Buy Crypto With a Credit Card: A Step-by-Step Guide
The screenshot below shows that 33.4 million PYUSD tokens remain unreleased since it launched. The unreleased tokens account for 75% of the total outstanding PYUSD supply.
While the adoption is certainly low, it has started to pick up pace lately. When BeInCrypto last reported on Sept. 13, the unreleased tokens made up to 80% of the total outstanding supply. It has now come down to 75%.
Read more: What is a Stablecoin and How Do They Work?
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Disclaimer
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Source: https://beincrypto.com/crypto-com-partners-paypal/