Companies news
Triple-A to Integrate Paxos-issued PayPal USD (PYUSD) into its Payments Solutions
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.
SOURCE: Triple-A
