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.