Licensed crypto payments provider Triple-A has announced the integration of PayPal USD (PYUSD) into its payment services.
This move will enable clients to accept PYUSD as a payment method and facilitate cross-border transactions using the stablecoin.
PYUSD, a US dollar-denominated stablecoin, is fully backed by US dollar deposits, US treasuries, and similar cash equivalents.
Launched in August 2023, PYUSD has experienced significant growth, with its market capitalisation more than doubling and daily transaction volumes increasing by over 600%.
Issued by Paxos Trust Company, LLC, PYUSD is designed to ensure transparency and stability.
In November 2023, Paxos was one of the three entities that secured in-principle approval from the Monetary Authority of Singapore (MAS) to issue stablecoins in the island-state.
Paxos provides monthly self-reported details and independent third-party attestation reports on the composition of the PYUSD reserve assets, which are accessible on the PayPal USD Transparency page.
Triple-A aims to to more than double its payment volumes by the end of 2024 through the integration of PYUSD.
Eric Barbier, CEO of Triple-A said,
“With PayPal’s extensive user base, the launch of PYUSD positions them to become a leading force in the stablecoin market.
Integrating PYUSD into our payment solutions enhances our ability to offer businesses worldwide cost-efficient, secure, and fast payment options.”
Nick Robnett, Head of Asset Growth at Paxos shared,
“Paxos is excited to see Triple-A enable businesses to leverage the benefits of digital currencies and stablecoins without the complexities of holding them.
This is crucial for companies that still prefer the familiarity of operating with traditional currencies.”
Featured image credit: Edited from Freepik
