PayPal has for the first time used its proprietary PYUSD stablecoin to pay and invoice.
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The firm paid Ernst & Young using PYUSD, using SAP’s digital currency hub to carry out the transaction, according to Bloomberg.
PayPal has previously used its stablecoin – launched last year – to make investments in companies, but this is the first time it has tapped the token to pay a bill.
The company’s SVP of blockchain, crypto and digital currency group, Jose Fernandez da Ponte, tells Bloomberg that B2B transactions, especially if they are cross border, can be slow and expensive.
Using stablecoins can offer an alternative. “The enterprise environment is very well-suited for it,” he says. “It’s a very rational conversation to have with the CFO.”
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