Singapore, May 28, 2024 — Triple-A, the digital currency financial institution, has announced it will incorporate PayPal USD (PYUSD) into its payment services, allowing clients to accept the stablecoin as a payment method, and to facilitate cross-border payments using the stablecoin.
PayPal USD (PYUSD) is a US dollar-denominated, readily redeemable, and transparent stablecoin. It is fully backed by US dollar deposits, US treasuries, and similar cash equivalents. Since its launch in August 2023, PYUSD has seen its market capitalisation more than double, while daily transaction volumes have surged by over 600% since its inception. This growth reflects growing consumer and business confidence in its utility and stability.
PayPal USD is issued by Paxos Trust Company, LLC (Paxos). Both PayPal and Paxos are committed to ensuring the public availability of reports on the PayPal USD reserve assets. In line with this commitment, Paxos provides monthly self-reported details on the composition of the PayPal USD reserve assets, following the close of each month. Additionally, an independent third-party accounting firm issues monthly attestation reports. All these reports are readily accessible on the PayPal USD Transparency page.
Eric Barbier, CEO of Triple-A, stated, “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.”
“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.” Nick Robnett, Head of Asset Growth at Paxos, shared.
Triple-A aims to more than double its payment volumes by the end of 2024, bolstered by the integration of PYUSD. The company remains focused on providing innovative payment and financial solutions that meet the evolving needs of consumers and businesses worldwide.
About Triple-A
Triple-A, the digital currency payment institution, enables businesses to pay and get paid in both traditional and digital currencies, volatility-free.
From API to no-code integration, Triple-A’s frictionless, white-label payment solutions are designed to blend smoothly into existing business operations — all while upholding the highest standards of security and compliance.
Licensed by the Monetary Authority of Singapore (MAS) and trusted by over 20,000 businesses, Triple-A makes accepting payments in traditional and digital currencies simple for businesses worldwide. Triple-A is also licensed in the EU by Banque de France and is registered with the United States Financial Crimes Enforcement Network (FinCEN).
About Paxos
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Its blockchain solutions are used by leading global enterprises like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank and more. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Prudentially regulated by the NYDFS in the US and the MAS in Singapore, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
