Singapore-based cryptocurrency exchange Crypto.com has revealed it’s adding numerous trading pairs involving numerous altcoins PayPal’s stablecoin PYUSD, with trading pairs allowing users to trade $XRP against the stablecoin.
The move comes as Crypto.com established a partnership with PayPal and Paxos to become a preferred exchange for the PYUSD stablecoin that the payments giant launched last month. The cryptocurrency exchange has said in a press release that it has already listed PYUSD on its platform for both retail and institutional investors and is “currently the crypto trading platform with the deepest liquidity for PYUSD trading pairs globally.”
Crypto.com added PYUSD trading pairs against not just XRP but also the meme-inspired cryptocurrency Dogecoin ($DOGE), Solana ($SOL), for retail clients, while institutional clients are seeing tradinrs pairs for PYUSD against USDT, and Cronos ($CRO).
The only pairs that appears to have been made available for both retail and institutional clients appears to be XRP against PYUSD.
The initiative extends upon the pre-existing partnership between PayPal and Crypto.com, which had earlier paved the way for utilizing PayPal for recharging Crypto.com’s Visa card. PayPal’s stablecoin, unveiled in August 2023, holds parity with the U.S. dollar, with its financial bedrock laid upon U.S. dollar deposits, short-term Treasury securities, and other liquid monetary assets.
According to CCData’s latest Stablecoins & CBDCs report, PYUSD’s market capitalization surged 87.9% to $8.46 million by September 18, with the cryptocurrency’s growth being backed by numerous cryptocurrency exchange listings.
The cryptocurrency’s trading volume in August was of little over $2 million, with Kraken accounting for over 90% of the figure. This month, PYUSD’s trading volume more than quadrupled to $9.29 million as of the 18th, with Huobi accounting for 57% of the volumes.
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