Triple-A, the Singapore-based 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.

Triple-A said in a statement on Tuesday that the firm aims to more than double its payment volumes by the end of 2024, bolstered by the integration of PYUSD.

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 capitalization more than double, while daily transaction volumes have surged by over 600 percent since its inception.

This growth reflects growing consumer and business confidence in its utility and stability.

It is noted that 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.

“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,” said Eric Barbier, Chief Executive Officer of Triple-A.

Nick Robnett, Head of Asset Growth at Paxos, shared that 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,” he added.

Triple-A also said the firm remains focused on providing innovative payment and financial solutions that meet the evolving needs of consumers and businesses worldwide.

Triple-A is a 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 payment solutions are designed to blend smoothly into existing business operations.

Triple-A is licensed by the Monetary Authority of Singapore (MAS) and used by over 20,000 businesses.

It is also licensed in the European Union by Banque de France and is registered with the United States Financial Crimes Enforcement Network (FinCEN).

Paxos is a regulated blockchain infrastructure and tokenization platform.

Its blockchain solutions are used by global enterprises like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank and more.

It is the issuer of regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG).

Paxos has raised more than $540 million from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.

The firm has offices in New York, London and Singapore.

Higlobe partners Triple-A to deliver near instant, free transfers from the US to Filipino remote workers