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Triple-A, a licensed payments company based in Singapore, will integrate PayPal’s stablecoin, PYUSD, into its company. range of According to a recent report from Bloomberg, the token offering is expected to occur by the end of June.
With the addition of PYUSD, Triple-A customers will have a variety of payment options to choose from. What is currently included Bitcoin, Ethereum, USDT on Tether, USDC on Circle.
Triple-A, Singapore’s first cryptocurrency payment company, received a Digital Payment Token (DPT) service license from the Monetary Authority of Singapore (MAS) in late 2021. This license allows the company to offer a variety of cryptocurrency payment solutions, including: Domestic and cross-border remittances, e-commerce, and other digital payment token services.
Eric Barbier, Triple-A’s founder and CEO, noted that the company’s payment volume has tripled from 2022 to 2023, and expressed ambitions to more than double that amount. end 2024.
“PayPal is many consumer In ~ Please go once. No one has this kind of power today,” Barbier said, highlighting the potential for PYUSD to become a leading stablecoin in the market.
According to him, Stablecoins account for 60% of Triple-A’s total payment volume, with USDT being the most popular choice. This preference reflects the growing role of stablecoins as bridge currencies, facilitating the movement of funds between cryptocurrencies and traditional fiat currencies.
PayPal has entered the stablecoin space with PYUSD. Paxos, It is part of an experimental effort to compete with other cryptocurrency companies. PYUSD since launch in August It has achieved a market capitalization of approx. $202 million, according to data from CoinMarketCap. By comparison, the market-leading stablecoin USDT boasts a market capitalization of nearly $110 billion.
To drive adoption of PYUSD, PayPal US recently enabled Xoom customers to use the stablecoin for international currencies. payment, accepted Convert to USD for cross-border transfers.
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