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Singapore-based Triple-A to Integrate PayPal’s Stablecoin PYUSD
Singapore-based payments company Triple-A has announced plans to integrate PayPal’s stablecoin PYUSD 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 PYUSD by the end of June, according to a report from Bloomberg.
Current Payment Services Offered by Triple-A
- Bitcoin
- Ether
- Stablecoins issued by Tether and Circle
PayPal’s PYUSD Expansion and Market Position
This expansion marks a 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’s Growth and Licensing
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.
PayPal’s Influence and PYUSD Potential
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.
Regulation of Stablecoins in the United States
Senators Cynthia Lummis and Kirsten Gillibrand have joined forces to propose a new bill aimed at regulating stablecoins. The bill focuses on defining how stablecoins will operate within the United States, representing another attempt to introduce targeted legislation for the crypto market.
Proposed Legislation Highlights
- Payment stablecoin issuers subject to reserve and operational requirements
- Creation of subsidiaries dedicated to issuing stablecoins
- Stablecoin issuers dealing 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.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
