Crypto Payments Firm Triple-A Includes PayPal’s Stablecoin in Payment Options for Customers
Singapore-based payments company Triple-A has announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.
As the first licensed crypto payments firm in Singapore, Triple-A aims to introduce support for PayPal’s stablecoin, PYUSD, 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.
This expansion marks another significant step for PayPal’s PYUSD, an effort by the fintech giant to challenge its crypto rivals.
Tether’s USDT remains the dominant stablecoin in the crypto market, with approximately $110 billion in circulation.
In comparison, PYUSD, which launched in August 2023, has a circulating supply of just over $200 million.
Triple-A, backed by Peak XV Partners, obtained a license from the Monetary Authority of Singapore in 2021 and experienced a threefold increase in payment volumes between 2022 and 2023.
The company’s founder and CEO, Eric Barbier, stated their goal of more than doubling the payment volumes by the end of 2024, though he did not specify an exact figure.
Barbier expressed enthusiasm for PYUSD and PayPal’s influence, stating that PayPal has the capability to make the stablecoin available to a vast number of consumers in one go, a power that no one else possesses currently.
He believes that PYUSD has the potential to become a dominant stablecoin in the market.
PayPal Holdings Inc. stands out as one of the first major financial services companies to introduce a consumer-facing stablecoin, which aims to maintain a price close to that of the US dollar.
The issuer of PYUSD is crypto startup Paxos Trust Co.
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