Fiat Trading of PayPal USD (PYUSD) have just been enabled in the Crypto.com App, joining the growing list of 250+ supported cryptocurrencies and stablecoins, including Bitcoin (BTC), Ether (ETH), Polkadot (DOT), Chainlink (LINK), VeChain (VET), USD Coin (USDC), and Cronos (CRO).
PayPal USD (PYUSD) is a stablecoin that is fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents, and can be redeemed 1:1 for U.S. dollars. PYUSD is an ERC-20 token issued by Paxos Trust Company on Ethereum blockchain. The stablecoin aims to provide inclusive, broad access to the financial system and enable fast and efficient money movement. It is designed to have a steady value over time relative to the U.S. dollar, and is programmable, offering developers a functional digital currency that can be built into public blockchains and can help link the traditional economy and Web3.
Crypto.com App users can now purchase PYUSD at true cost with USD, EUR, GBP, and 20+ fiat currencies, and spend it at over 80 million merchants globally using the Crypto.com Visa Card.