Triple-A to Integrate PayPal's PYUSD
Triple-A has established itself as a pioneer in offering a versatile range of crypto payment solutions
April 21, 2024 04:31 PM
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TL;DR In a move to diversify its payment options, Singapore-based payment firm Triple-A announces the integration of PayPal's stablecoin, PYUSD, into its offerings. This addition, expected by the end of June, positions Triple-A to leverage PayPal's extensive consumer reach, potentially doubling its payment volumes by the end of 2024.
Singapore-based licensed payment firm Triple-A is poised to enhance its payment diversity by incorporating PayPal's stablecoin, PYUSD, into its existing token offerings.
Slated for integration by the end of June, this strategic move will expand Triple-A's payment options, including industry giants like Bitcoin, Ethereum, Tether's USDT, and Circle's USDC.
As the first in Singapore to secure a Digital Payment Token (DPT) Service license from the Monetary Authority of Singapore (MAS) in late 2021, Triple-A has established itself as a pioneer in offering a versatile range of crypto payment solutions.
These solutions encompass various services, including domestic and cross-border money transfers, e-commerce transactions, and other digital payment token services. Adding PYUSD signifies Triple-A's commitment to broadening its payment landscape and enhancing its service offerings.
Eric Barbier, the founder and chief executive officer of Triple-A, shared insights into the company's growth and future ambitions. "**PayPal has the firepower to simultaneously make it available to many consumers.
Nobody has this power today,**" Barbier remarked, emphasizing the potential impact of PYUSD on the market. He also noted that stablecoins constitute 60% of Triple-A's total payment volume, with USDT being the predominant choice among its customers.
PayPal's foray into the stablecoin domain with PYUSD, backed by Paxos, marks a significant step in its experimental efforts to carve a niche in the competitive crypto space.
Since its launch in August, PYUSD has amassed a market cap of approximately $202 million, a promising start, albeit modest compared to the market-leading stablecoin USDT, which commands a nearly $110 billion market cap.
To bolster PYUSD's market presence, PayPal US has recently enabled its Xoom customers to utilize the stablecoin for international payments, facilitating USD conversions for cross-border money transfers.
This development underscores PayPal's strategic initiatives to enhance PYUSD's utility and acceptance, further amplifying its potential to become a leading stablecoin in digital payment.
