Payments giant PayPal has reportedly completed its first business transaction using the dollar-pegged stablecoin it launched last year.
Bloomberg reported that the San Francisco-based company used PayPalUSD (PYUSD) to pay a bill to Big Four accounting firm Ernst & Young on September 23.
PayPal settled the undisclosed amount using SAP Digital Currency Hub, a platform that allows users to make and receive payments in cryptocurrencies and stablecoins without intermediaries.
Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency and digital currencies, said the payment demonstrates a new use case for the stablecoin, which now has a market capitalization of nearly $700 million.
“The enterprise environment is well suited for this. “It’s a very reasonable conversation to have with the CFO.”
According to da Ponte, B2B transactions can be costly and risky, especially across borders, because they rely on third parties. He says using stablecoins to settle commercial transactions is attractive because of their speed and availability.
Last month, they also started accepting PayPal. merchant Buy, hold and sell crypto assets directly from your business account. The company said it is addressing the growing needs of business owners who want to offer the same cryptocurrency features to consumers.
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