S’pore payment firm Triple-A adds PayPal’s digital currency in bid to chase growth

SINGAPORE – Singapore-based cryptocurrency payment firm Triple-A has added American company PayPal’s digital coin to its offerings as it moves to expand its reach in the United States and globally.

It said in a joint announcement on May 28 that it will add stablecoin PayPal USD (PYUSD) to its payment services, going live at end June.

Triple-A, which converts digital currencies into dollars with instant bank settlements, aims to more than double its payment volumes by end 2024 with the addition of the PayPal stablecoin.

A stablecoin is a digital token typically pegged on a one-to-one basis with fiat such as the US dollar, euro or other assets.

PYUSD, issued by blockchain infrastructure platform Paxos Trust Company, is fully backed by US dollar deposits, US treasuries and similar cash equivalents.

The tie-up will allow customers of Triple-A to accept PYUSD as a payment method and facilitate cross-border transactions.

This is on top of other digital currencies the firm already processes – Bitcoin; Ether; StraitsX’s Singapore dollar-backed stablecoin XSGD; US dollar-backed stablecoin USDC that is managed by global payment firm Circle; and stablecoin Tether, also known as USDT.

Triple-A’s chief executive Eric Barbier said: “With PayPal’s extensive user base, the launch of PYUSD positions it 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.”

Launched in August 2023, PYUSD’s market capitalisation has more than doubled, while daily transaction volumes have surged by over 600 per cent.

Mr Nick Robnett, who heads asset growth at Paxos, said the tie-up will mean that businesses will be able 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,” he noted.

Paxos, backed by investors including Oak HC/FT, Declaration Partners and PayPal Ventures, is licensed in Singapore and has had a presence here since 2012. It also has offices in New York and London.

In recent months, Triple-A has been actively expanding its reach in Singapore. In March, it linked up with ride-hailing operator Grab to

allow the latter’s users to top up their GrabPay e-wallets with cryptocurrencies.

In late January, Triple-A teamed up with popular bills payment platform AXS to

allow people to use four digital currencies for 550 of the 600 AXS payment services,

including settling road tax or other recurring bills.

PayPal made a crypto-payment push under chief Dan Schulman, who exited the firm in end 2023.

It was an early disrupter in the payment industry, but rivals including Apple and Zelle have since crowded the space. A month ago, PayPal executives raised a forecast for full-year adjusted profit. The company’s stock had struggled in 2023.