Crypto payment company Triple-A uses PayPal’s Stablecoin as a payment method for its customers

Singapore-based payments company Triple-A announced plans to add the PayPal stablecoin to its list of customer payment tokens.

A report from Bloomberg states that Triple-A, the first authorized crypto payment institution in Singapore, plans to launch financial support for stablecoin Paycoin PYUSD by the end of June.

Currently, the company offers payment services in Bitcoin, Ether and Tether and its products.

PYUSD PayPal continues to grow

This expansion marks another big step for PayPal’s PYUSD, a fintech giant trying to compete with its rivals.

USDT Tether continues to dominate the crypto market with approximately $110 billion.
In comparison, PYUSD, launched in August 2023, has revenue of just over 200 million.

Triple-A powered by Peak company founder and CEO Eric Barbier announced that they aim to more than double the number of payments by the end of 2024, although he did not disclose the exact figures.

Barbier expressed his excitement about the impact of PYUSD and PayPal, saying that PayPal has the ability to offer stablecoins to a large number of buyers at the same time, a power that no one else currently has.

believes PYUSD has the potential to become the market leader.

PayPal Holdings Inc. It appears to be one of the first major financial services companies to launch consumer-focused products with the aim of keeping prices close to the US dollar.

The issuer of PYUSD is crypto startup Paxos Trust Co.

It is 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 explained that 60% of Triple-A’s total payments are in coins, with USDT being the largest contributor.

Stablecoins often act as bridge currencies, facilitating the flow of funds between cryptocurrencies and traditional currencies.

Customers can exchange PYUSD for dollars and use the stablecoin to buy and sell other tokens.

Senators introduced a bill regulating goods

Senators Cynthia Lummis and Kirsten Gillibrand are teaming up to introduce a new bill to regulate coins.

This bill focuses on defining how cryptocurrencies will operate in the United States and represents a new attempt to regulate the crypto market.

According to the law, stablecoin payment providers must comply with requirements and requirements, including establishing branches that deal with the issuance of coins.

Additionally, stablecoin issuers are required to deal only in dollar-backed tokens.

Stablecoin legislation has long been considered as a possible form of specific crypto legislation to be passed in the US, 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 Bill passed out of committee last year, progress stalled following a change in leadership.