Crypto.com, a leading cryptocurrency exchange, has broadened its offerings by adding new trading pairs on its platform, including XRP, Dogecoin (DOGE), and Solana (SOL) against PayPal (NASDAQ:PYPL) USD (PYUSD), a recent addition to the stablecoin market. The exchange announced this development on Thursday.
The introduction of these new trading pairs followed Crypto.com's partnership with PayPal and Paxos, which was also announced on Thursday. This collaboration positions Crypto.com as a preferred exchange for PayPal's PYUSD, offering users access to deep liquidity for PYUSD trading pairs.
In addition to the new trading pairs, Crypto.com expanded its support for XRP by introducing a new PYUSD trading pair for the digital asset. Following the announcement, both retail and institutional users can now buy and sell XRP on the Crypto.com platform using PYUSD.
Besides XRP, Crypto.com also added new PYUSD trading pairs for DOGE, SOL, Tether (USDT), and Crypto.com Coin (CRO). While DOGE/PYUSD and SOL/PYUSD pairs were made available for retail investors, the exchange added PYUSD/USDT and CRO/PYUSD pairs to its institutional trading platform. Notably, XRP/PYUSD is the only pair recently made available for both retail and institutional customers.
The introduction of these new trading pairs is part of Crypto.com's broader strategy to advance cryptocurrency accessibility by linking its extensive user base to innovative crypto solutions and supporting PayPal's network of consumers and merchants.
The PYUSD stablecoin was launched by PayPal in August 2023 and has since been listed on several cryptocurrency exchanges, including Coinbase (NASDAQ:COIN), Kraken, KuCoin, Bitstamp, and Bybit. Despite facing challenges from competition due to other private stablecoins and Central Bank Digital Currencies (CBDCs), PYUSD has continued to gain widespread adoption.
In a recent development, the New York State Department of Financial Services (NYDFS) added PYUSD to its greenlist assets. This move followed the regulator's removal of over two dozen crypto assets from the list. PYUSD is 100% backed by cash equivalents, US dollar deposits, and short-term US treasuries, with Paxos responsible for issuing the dollar-pegged stablecoin.
Crypto.com's expansion of XRP trading services comes after Ripple's legal victory against the SEC. However, despite several prominent crypto trading platforms, including Crypto.com, relisting XRP, the cryptocurrency's price has not seen a proportional increase and remains below $0.50. This suggests potential market reservations and prevailing uncertainties in the crypto sphere.
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