Singapore-based Triple-A, an approved cryptocurrency payment company, has announced an expansion of its services with the inclusion of PayPal's stablecoin, PYUSD, in its list of tokens available to its customers.
Triple-A is very well-known for its cryptocurrency payment services, which focus on bitcoin, Ether and stablecoins issued by Tether and Circle. As part of this expansion, Triple-A plans to roll out support for PayPal's stablecoin, PYUSD, by the end of June.
In 2021, Triple-A obtained a licence from the Monetary Authority of Singapore and saw its payment volumes triple between 2022 and 2023.
Today, the company has set itself the target of more than doubling these volumes again by the end of 2024. However, Triple-A's founder and CEO declined to give an exact figure for volumes.
PayPal's PYUSD Entry into the Crypto Market
PayPal's introduction of PYUSD, an experimental effort from the fintech heavyweight, is another step forward for PayPal's aspiration to rival its crypto rivals.
Tether's USDT is currently the dominant stablecoin in the cryptocurrency market, with nearly $110 billion in circulation. In stark contrast, PYUSD, launched in August 2023, accounts for just over $200 million.
"PayPal has the firepower to make PYUSD available to numerous consumers all at once. No one has that power today," said Triple-A's CEO, expressing confidence in PYUSD's potential to emerge as the dominant stablecoin.
PayPal Holdings Inc. is one of the first major financial services companies to launch a consumer stablecoin, a type of cryptocurrency that is priced close to the US dollar.
In November, PayPal was issued a subpoena by the U.S. Securities and Exchange Commission asking it to produce documents related to the PYUSD project.
PayPal's Xoom Allows Transfers Using PayPal Stablecoin
Recently, PayPal Holdings Inc. improved its Xoom service, allowing users to transfer money overseas by converting PayPal's USD stablecoin into US dollars.
This upgrade is an important step that shows how cryptocurrencies are beginning to play a central role in global money transfer services.
Jose Fernandez da Ponte, senior vice president of PayPal's Blockchain, commented that Xoom's recent expansion aligns with PayPal's goal of encouraging widespread acceptance of cryptocurrencies. The enhancement simplifies the process of securely transferring money internationally to loved ones at reduced costs.
But, advocates of stablecoins point to the benefits of speed, profitability and simplicity of transactions, these digital currencies have come under intense scrutiny from regulators.
Just one notable example is Meta Platforms Inc's attempt to launch its Diem stablecoin, which was abandoned in 2022 due to strong regulatory resistance.