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

1 min
Updated by Geraint Price
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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.

Crypto.com and PayPal Plan More Use Cases for PYUSD

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?

Crypto.com PayPal, PayPal USD, PYUSD
PYUSD unreleased supply. Source: DefiLlama

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.

Top crypto platforms in the US | February 2024

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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