Analysis Crypto by Thebittimes.Com

Crypto.com exchange is collaborating with PayPal and Paxos to further the development of PYUSD stablecoin. The exchange first listed PYUSD in August 2023, allowing users to acquire the stablecoin using various fiat currencies, including the USD. The new partnership aims to deepen this cooperation. The company announced that members plan to release more related products and provide new commercial opportunities. “PayPal has been a true pioneer in the evolution of digital commerce, and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to collectively collaborate with them to advance the crypto frontier.” Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships PayPal has collaborated with Paxos, a market-leading stablecoin issuer, to connect more than 80 million users to the latest crypto innovations and support PayPal’s global network of consumers and merchants. You might also like: US official calls ...

The total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, Paxos report states. Stablecoin issuer Paxos has published the first transparency report for the Ethereum-based stablecoin PayPal USD (PYUSD), stating that the coin is fully backed by assets. According to the report, the total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, 2023. The total notional position value amounted to $44.5 million. The biggest share of PYUSD assets is backed by the U.S. Treasury reverse repurchase agreements held in custody by Paxos for the benefit of PYUSD holders. According to the data, as much as $43 million — or nearly 97% of total assets in PYUSD custody — are held in Treasury reverse repurchase agreements. Data from Paxos’ PYUSD transparency report. Source: Paxos A reverse repurchase agreement is a contractua...