Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Editor's Pick

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.

PayPal’s PYUSD Continues to Gather Momentum

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.

It’s worth noting that in November, PayPal received a subpoena from the US Securities and Exchange Commission (SEC) requesting documents related to the PYUSD project.

Barbier revealed that 60% of Triple-A’s total payment volumes are in stablecoins, with USDT being the primary contributor. 

Stablecoins often serve as a bridge currency, facilitating the movement of funds between cryptocurrencies and traditional cash. 

Customers can redeem PYUSD for dollars and utilize the stablecoin to make purchases and acquire other tokens.

Senators Introduce New Bill to Regulate Stablecoins

Senators Cynthia Lummis and Kirsten Gillibrand have joined forces to propose a new bill aimed at regulating stablecoins.

The bill, which focuses on defining how stablecoins will operate within the United States, represents another attempt to introduce targeted legislation for the crypto market.

Under the proposed legislation, payment stablecoin issuers would be subject to reserve and operational requirements, including the creation of subsidiaries dedicated to issuing stablecoins. 

Additionally, stablecoin issuers would be obligated to deal exclusively in dollar-backed tokens. 

Stablecoin legislation has long been viewed as the most likely form of crypto-specific legislation to pass in the U.S., although progress has been slow. 

Representatives Patrick McHenry and Maxine Waters of the House Financial Services Committee have been working on stablecoin legislation for years. 

While a bill advanced out of committee last year, its progress stalled after a leadership change. 


The post Crypto Payments Firm Triple-A Includes PayPal’s Stablecoin in Payment Options for Customers appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...


    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024