PayPal Joins Forces With Crypto.com to Boost Adoption of PYUSD

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Crypto exchange Crypto.com has teamed up with PayPal and Paxos to bring crypto to every wallet. Can it boost adoption of PYUSD?

1 min By Harsh Notariya 28 September 2023, 15:00 GMT+0000 Updated by Geraint Price 28 September 2023, 15:00 GMT+0000 Join our Trading Community on Telegram Share on Twitter Share on Email Share on Linkedin

In Brief

Crypto.com is partnering with PayPal and Paxos to increase the use of PayPal's stablecoin, PYUSD, and explore more collaborative use cases.
The partnership aims to utilize PayPal’s global network to bring "crypto to every wallet" and boost the adoption of PYUSD.
Despite the hype at launch, 33.4 million PYUSD tokens remain unreleased, representing 75% of the total outstanding PYUSD supply.
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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?
Do you have anything to say about the Crypto.com and PayPal partnership or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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