Share this article
Singapore-based licensed payment firm Triple-A is set to integrate PayPal’s stablecoin, PYUSD, into its range of token offerings by the end of June, according to a recent report from Bloomberg.
With the addition of PYUSD, Triple-A customers can choose from a wide range of payment options, which currently include Bitcoin, Ethereum, Tether’s USDT, and Circle’s USDC.
As Singapore’s first licensed crypto payments company, Triple-A received its Digital Payment Token (DPT) Service license from the Monetary Authority of Singapore (MAS) in late 2021. This license enables the company to offer a variety of crypto payment solutions, such as domestic and cross-border money transfers, e-commerce transactions, and other digital payment token services.
Eric Barbier, founder and chief executive officer of Triple-A, noted the company’s payment volumes tripled from 2022 to 2023 and expressed ambitions to more than double these volumes by the end of 2024.
“PayPal has the firepower to make it available to a lot of consumers at one go. Nobody has this power today,” Barbier stated, highlighting the potential of PYUSD to become a leading stablecoin in the market.
According to him, stablecoins make up 60% of Triple-A’s total payment volume, with USDT being the most popular choice. This preference reflects the growing role of stablecoins as bridge currencies, smoothing the transfer of funds between cryptos and traditional fiat currencies.
PayPal has ventured into the stablecoin space with PYUSD, backed by Paxos, as part of an experimental effort to compete with other crypto entities. Since its launch in August, PYUSD has achieved a market cap of approximately $202 million, according to CoinMarketCap’s data. In comparison, the market-leading stablecoin USDT boasts a nearly $110 billion market cap.
To further PYUSD’s adoption, PayPal US has recently enabled its Xoom customers to use the stablecoin for international payments, allowing conversion to USD for cross-border money transfers.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Be the first to comment