Licensed cryptocurrency payment provider Triple A announced that it will integrate PayPal USD (PYUSD) into its payment services.
The move will allow customers to accept PYUSD as a payment method, facilitating cross-border transactions using the stablecoin.
PYUSD, a US Dollar-denominated stablecoin, is fully backed by US Dollar deposits, U.S. Treasury bills, and similar cash equivalents.
Since its launch in August 2023, PYUSD has experienced significant growth, more than doubling its market cap and increasing daily trading volume by over 600%.
Issued by Paxos Trust Company, LLC, PYUSD is designed to ensure transparency and stability.
In November 2023, Paxos was one of three entities: Approval in principle obtained The Monetary Authority of Singapore (MAS) has granted the island nation permission to issue stablecoins.
Paxos provides monthly self-reported details and independent third-party attestation reports regarding the composition of its PYUSD reserve assets, which can be accessed here: PayPal USD Transparency Page.
Through the integration of PYUSD, Triple A aims to more than double its settlement volume by the end of 2024.
Eric Barbier
Eric Barbier, CEO of Triple A, said:
“PayPal’s extensive user base positions the company to become a leading force in the stablecoin market with the launch of PYUSD.”
“By integrating PYUSD into our payment solutions, we will be able to provide businesses around the world with cost-effective, secure and fast payment options.”
Nick Robnett
Nick Robnett, Head of Asset Growth Paxos share,
“Paxos is excited to enable Triple-A to enable businesses to take advantage of the benefits of holding digital currencies and stablecoins without the complexity.
This is crucial for businesses that still prefer the familiar way of operating in traditional currencies.”
Featured Image Credit: Free Pick
