In a recent breakthrough, PayPal has revealed its plans to make Crypto.com the preferred platform for their USD-backed stablecoin. The Singapore-based exchange’s collaboration with PayPal and Paxos seems promising, primarily due to Crypto.com’s robust liquidity for PYUSD trading pairs.
Nonetheless, there are set apprehensions. One of skepticism’s primary sources is the fact that PYUSD, despite being present on major exchanges such as Bitstamp, Coinbase, and Kraken, the adoption and seamless trade of PayPal’s stablecoin remain questionable. Moreover, with support for PYUSD as a payment option by BitPay and Metamask, and its recent availability to Venmo users, these developments are considerable. However, the magnitude of their impact on the market is yet to be determined.
On the other hand, the introduction of PayPal’s stablecoin could mark a significant stride towards widespread crypto adoption in traditional finance. An effective amalgamation of blockchain technology and the trusted USD, this move by PayPal is anticipated to offer stability in the volatile crypto market. It’s important to consider, though, that the green signal from the New York State Department of Financial Services has added to the credibility of PYUSD, potentially driving its success in mainstream exchanges.
Undoubtedly, the alliance of PayPal, Crypto.com, and Paxos is expected to grant greater traction to crypto innovations. In the words of the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, Joe Anzures, this collaboration is “pivotal in [their] continued pursuit of crypto to every wallet”. Thus, while the potential skepticism concerning PYUSD’s adoption and market impact shouldn’t be entirely dismissed, the planned cross-collaboration seems to hint towards an optimistic future of crypto-USD integration.
Source: Cointelegraph
