Triple-A to Integrate PayPal’s PYUSD Stablecoin for Customer Payments: Latest Update
Triple-A, a Singapore-based payments company, has made a groundbreaking announcement regarding its plans to integrate PayPal’s stablecoin, PYUSD, into its list of supported tokens for customer payments. This move comes as Triple-A aims to expand its payment services and challenge its crypto rivals in the market.
As the first licensed crypto payments firm in Singapore, Triple-A has set a target to introduce support for PayPal’s stablecoin by the end of June, according to a report from Bloomberg. Currently, the company offers payment services primarily in Bitcoin, Ether, and stablecoins issued by Tether and Circle.
The integration of PayPal’s PYUSD into Triple-A’s platform marks a significant milestone for the stablecoin, which was launched in August 2023. With a circulating supply of just over $200 million, PYUSD aims to compete with Tether’s USDT, which dominates the stablecoin market with approximately $110 billion in circulation.
Triple-A, backed by Peak XV Partners, obtained a license from the Monetary Authority of Singapore in 2021 and has experienced a threefold increase in payment volumes between 2022 and 2023. The company’s founder and CEO, Eric Barbier, expressed optimism about the potential of PYUSD and PayPal’s influence in the market.
Barbier believes that PYUSD has the capability to become a dominant stablecoin, given PayPal’s reach and consumer base. PayPal Holdings Inc. stands out as one of the first major financial services companies to introduce a consumer-facing stablecoin, aiming to maintain a price close to that of the US dollar. The issuer of PYUSD is crypto startup Paxos Trust Co.
In related news, Senators Cynthia Lummis and Kirsten Gillibrand have introduced a new bill aimed at regulating stablecoins in the United States. The proposed legislation focuses on defining how stablecoins will operate within the country, including reserve and operational requirements for stablecoin issuers.
Stablecoin legislation has long been a topic of discussion in the crypto market, with efforts to introduce targeted regulations for these digital assets. While progress has been slow, the introduction of this new bill signals a renewed push for stablecoin regulation in the US.
Overall, Triple-A’s integration of PayPal’s stablecoin and the proposed legislation for regulating stablecoins highlight the evolving landscape of the crypto market and the increasing importance of digital assets in the financial industry.
