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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.
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Author: Vivian Nguyen
