PayPal, the payments giant launched in 2017, has completed its first transaction with a dollar-pegged stabilcoin.
Bloomberg reported that the San Francisco-based firm used PayPalUSD on September 23, 2009.PYUSD) to pay an invoice to the Big Four accounting firm Ernst & Young.
Paypal paid the amount that was not disclosed using SAP’s digital currency hub. This platform allows users to send and receive payment in stablecoins and cryptocurrencies without the need for intermediaries.
PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, Jose Fernandez da Ponte said the payment demonstrated a novel use case for stablecoin, whose market capitalization is now nearly $700 million.
“The enterprise environment is very well-suited for it. It’s a very rational conversation to have with the CFO.”
Da Ponte says that business-tobusiness transactions are often expensive and dangerous, especially those that involve third parties. This is particularly true for international deals. Da Ponte says that using stablecoins to settle commercial deals is appealing due to the speed and availability.
PayPal began accepting payments last month. merchants They can buy, sell and hold crypto assets straight from their company accounts. According to the company, it’s responding to the growing demand of business owners for the same crypto capabilities to be available to consumers.
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