There is now a strategic move aimed at supporting the adoption of PayPal stablecoin PYUSD. Cryptocurrency exchange Crypto.com has joined forces with fintech giant PayPal and stablecoin issuer Paxos. The partnership comes as PayPal seeks to increase the use of its stablecoin, which it launched with significant fanfare in August.
Crypto.com: Preferred PayPal USD exchange
Crypto.com, known for its crypto-focused solutions, has become the preferred exchange for PayPal USD (PYUSD) thanks to this joint venture. The main goal of this partnership is to leverage PayPal’s extensive global network covering both consumers and merchants. Also making cryptocurrencies accessible to every wallet. Users will also have the convenience of loading Crypto.com Visa cards via PayPal, facilitating seamless transactions between traditional finance and the crypto ecosystem.
The snapshot of the current scenario is remarkable. It reveals that 33.4 million PYUSD tokens have not been released since the launch of the stablecoin. This means that a significant portion of 75% of the total PYUSD supply is still unused. Initial adoption has not met expectations. However, recent trends point to an increasing rise in PYUSD usage. When we look at Kriptokoin.com, on September 13, unreleased tokens constituted 80% of the total supply. This figure is now down to 75%. Accordingly, this indicates a promising adoption trajectory.
A collaborative approach to PYUSD growth
By establishing this partnership, Crypto.com and PayPal are not only increasing the accessibility of PYUSD. It is also exploring various collaborative use cases. This will become even more evident as the adoption curve continues to evolve. The two organizations will play an important role in bridging the gap between traditional financial systems and the emerging cryptocurrency world.
The collaboration between Crypto.com and PayPal marks an important step in advancing the use and adoption of PYUSD. Crypto.com’s status as the preferred PYUSD exchange is notable. Accordingly, with the support of PayPal’s global network, the stablecoin is well positioned to gain traction in the cryptocurrency world.
Stablecoin world
As unreleased tokens slowly enter circulation, PayPal USD has the potential to gain widespread adoption. Moreover, this situation is becoming more and more promising. This partnership not only benefits the crypto community. It also heralds an era of greater accessibility to digital assets. On the other hand, when we look at it as cryptokoin.com, it ushers in a new era of financial inclusion. In the coming days, we will hear more about PayPal USD as well as Tether USDT.
