Paypal Completes First Corporate Transaction Using PYUSD Stablecoin

Paypal has made a significant step in corporate payments by completing its first transaction using its stablecoin Paypal USD (PYUSD). This milestone highlights the role digital currencies can play in streamlining cross-border transactions, with Paypal partnering with Ernst & Young LLP.

Paypal Completes First PYUSD Stablecoin Business Transaction

Paypal Holdings Inc. has completed its first business transaction using its stablecoin, Paypal USD (PYUSD), as part of a move to showcase how digital currencies can streamline corporate payments.

Last week, Paypal settled an invoice with Ernst & Young LLP using PYUSD, facilitated through SAP SE’s digital currency hub platform, which allows businesses to conduct instant, 24/7 digital payments. While the exact invoice amount was not disclosed, the transaction highlights how stablecoins, pegged to traditional currencies, can simplify cross-border transactions. PYUSD, which Paypal introduced last year, is tied to the US dollar and has a market capitalization nearing $700 million.

Jose Fernandez da Ponte, Paypal’s senior vice president of blockchain, cryptocurrency, and digital currency, stated:

The enterprise environment is very well-suited for it … It’s a very rational conversation to have with the CFO.

Paypal, SAP, EY – those are names that are very, very well-established.