Singapore-based exchange Crypto.com has forged a partnership with PayPal and Paxos to establish itself as the preferred platform for PayPal USD (PYUSD).

Introduced in August 2023, the PYUSD operates on the Ethereum blockchain and is fully backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.

As per a press release dated September 28, Crypto.com currently boasts the highest liquidity for PYUSD trading pairs on a global scale.

The exchange has made PYUSD available for both retail and institutional users, with additional trading features set to be introduced in the near future.

This initiative builds upon the existing partnership between PayPal and Crypto.com, which has already led to collaborations such as the option to use PayPal for topping up the Crypto.com Visa Card, as highlighted in the press release.

“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," Joe Anzures, senior vice president of Americas and global head of payment partnerships at Crypto.com commented on the recent partnership.