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PayPal has made headlines by using its own stablecoin, PYUSD, to settle an invoice with Ernst & Young, marking the first time the company has utilized the digital token for bill payments. The transaction was facilitated through SAP’s digital currency hub, according to Bloomberg.
While PayPal has previously used PYUSD—launched last year—for investments in various companies, this payment represents a significant step in applying stablecoins for broader business purposes.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Crypto, and Digital Currency Group, highlighted the potential of stablecoins in streamlining business-to-business (B2B) transactions. He noted that cross-border payments, in particular, can often be slow and costly.
“Stablecoins offer a practical alternative for these transactions,” da Ponte explained to Bloomberg. “The enterprise environment is ideally suited for this. It’s a very rational conversation to have with the CFO.”
By leveraging stablecoins like PYUSD, PayPal aims to make B2B transactions more efficient, potentially setting the stage for broader adoption of digital currencies in corporate finance.
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