PayPal Makes First Corporate Payments with PYUSD Stablecoin

Fintech company PayPal has further expanded PayPalUSD (PYUSD) for business transactions, completing its first payment using the stablecoin.
According to foreign media on the 3rd (local time), the settlement was made by Ernst & Young, one of the Big Four accounting firms.
The payment was made to Young through SAP's Digital Currency Hub. The companies did not disclose the amount of the invoice, which was paid to PayPal.
Holdings is an audit client of Ernst & Young. The deal will examine how businesses can use stablecoins to process instant payments.
In August 2023, PayPal launched PYUSD, a cryptocurrency based on US dollar deposits and short-term US Treasury notes. According to data from DefiLlama, this
The stablecoin recorded a market capitalization of $699 million, ranking 8th among stablecoins.
Stablecoins are pegged to reserve assets such as fiat currencies and maintain a stable value.
This stability makes it suitable for everyday trading and reduces the price fluctuations seen in other cryptocurrencies.
Jose Fernandez da Ponte, PayPal's advanced vice president of blockchain, cryptocurrency and digital currencies, said:
"It's very well suited to the corporate environment," Ponte said, "and you can have very rational conversations with CFOs."
PayPal has been beefing up its digital asset capabilities recently. The company announced in September that it would begin accepting digital assets in all of its U.S. stores, excluding New York.
The company announced that users will be able to buy, sell and trade cryptocurrencies directly with their PayPal accounts.