Breaking News: Singapore-Based Payments Company to Integrate PayPal Stablecoin
Welcome to the latest update in the world of cryptocurrencies! Hold on to your seats as we unveil the exciting news about Singapore-based payments company Triple-A’s plan to include PayPal’s stablecoin in its list of supported tokens for customer payments.
PayPal’s PYUSD Continues to Gain Traction
This significant move by Triple-A demonstrates the increasing popularity of PayPal’s stablecoin PYUSD and the company’s efforts to compete with other players in the crypto market.
- Tether’s USDT remains the dominant stablecoin with a massive $110 billion circulation in the crypto market.
- On the other hand, PayPal’s PYUSD, launched in August 2023, has a circulating supply of just over $200 million.
- Triple-A, with the backing of Peak XV Partners, received a license from the Monetary Authority of Singapore in 2021 and saw a threefold increase in payment volumes between 2022 and 2023.
PayPal’s Influence and Potential Dominance
According to Triple-A’s founder and CEO, Eric Barbier, PayPal’s capacity to make PYUSD available to a vast number of consumers sets it apart from the competition and positions it as a potential dominant stablecoin in the market.
Key Details about PYUSD
- Launched by Paxos Trust Co., PYUSD aims to maintain a price close to that of the US dollar.
- Triple-A’s payment volumes indicate that 60% of total payments are in stablecoins, with USDT being the primary contributor.
- PYUSD serves as a bridge currency, facilitating the movement of funds between cryptocurrencies and traditional cash, allowing customers to make purchases and acquire other tokens.
Senators Propose New Bill to Regulate Stablecoins
In a separate development, Senators Cynthia Lummis and Kirsten Gillibrand have collaborated on a new bill focused on regulating stablecoins, aiming to define their operations within the United States and introduce targeted legislation for the crypto market.
- The proposed legislation would require payment stablecoin issuers to adhere to reserve and operational requirements, including the establishment of subsidiaries dedicated to issuing stablecoins.
- Stablecoin issuers would also be mandated to deal solely in dollar-backed tokens under the new bill.
- While stablecoin legislation has faced delays, it is considered the most likely form of crypto-specific regulation to be passed in the U.S.
Stablecoin Regulation Progress
Previous efforts by Representatives Patrick McHenry and Maxine Waters on stablecoin legislation have faced obstacles, with a bill advancing out of committee last year but stalling after a leadership change.
Hot Take: Stay Informed and Ride the Crypto Wave
There you have it, the latest updates on PayPal’s stablecoin integration and the proposed legislation for regulating stablecoins. Keep abreast of these developments to make informed decisions and navigate the ever-evolving landscape of cryptocurrencies.
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