Singapore’s first licensed crypto payment firm, Triple-A, will soon allow merchants to be paid using PayPal’s new stablecoin PYUSD.
Singapore’s first licensed crypto payments company, Triple-A, aims to integrate PayPal’s stablecoin, PYUSD, within its platform. This integration, expected by June’s conclusion in 2024, could potentially strengthen PayPal’s fledgling cryptocurrency endeavor, marking a pivotal move amidst the ongoing battle for stablecoin supremacy.
Backed by Peak XV Partners, Triple-A witnessed remarkable growth after securing its license from Singapore’s Monetary Authority (MAS) in 2021. The company successfully tripled its payment volumes between 2022 and 2023. Now, Triple-A aims to double those impressive figures again by the end of this year,
Triple-A Embraces PYUSD for Broader Appeal
Triple-A’s decision to include PYUSD reflects a strategic shift towards a more diverse crypto ecosystem. Currently, the company mainly deals with Bitcoin, Ethereum, and established stablecoins like USDT accounting for 60% of their volume. By adding PYUSD, Triple-A intends to access a potentially huge user base.
Eric Barbier, Triple-A’s founder and CEO, highlights PayPal’s vast user network. Integrating PYUSD could significantly boost its circulation, which currently sits at a modest $200 million, compared to USDT’s staggering $110 billion market capitalization.
“PayPal has the firepower to make it available to a lot consumers at one go. Nobody has this power today,” said Barbier.
PayPal’s launch of its stablecoin, PYUSD, marked a significant step for major financial institutions. However, PYUSD faces stiff competition from well-established players. Tether’s USDT holds a dominant market share, and its proven track record inspires greater trust among users.
Making things complicating for PYUSD is the ongoing regulatory scrutiny by the US Securities and Exchange Commission (SEC). In November 2023, PayPal received a subpoena requesting documents linked to the PYUSD project, creating uncertainty among PayPal’s potential users to adopt its new stablecoin.
PayPal’s PYUSD Takes on the Competition
Triple-A’s collaboration with a stablecoin brings an important milestone for digital currencies. Despite the challenges, this integration could provide authenticity and promote wider acceptance for the PYUSD stablecoin. This partnership shows a pivotal step in the global stablecoin landscape through enhanced credibility.
However, Triple-A’s integration of the stablecoin signifies a pivotal advancement for PayPal’s aspirations within the crypto domain. As regulatory frameworks gain clarity and user adoption shifts, the upcoming months will prove pivotal in ascertaining whether PYUSD can secure a niche within the dynamic landscape of stablecoins.
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