PayPal he successfully tested his digital currency. PYUSD is a proprietary stablecoin and was used for the first time to successfully conclude a transaction. The payment was made on September 23, 2024 to Ernst & Young LLP via the SAP SE platform, called “digital currency hub”, which allows businesses to send and receive digital payments instantly, 24 hours a day.
Although the invoice amount was not disclosed, the transaction represents an important application of the PYUSDa stablecoin whose value is pegged to that of the US dollar.
Lo stablecoin PYUSDlaunched by PayPal last year, has a market capitalization of approx 700 million dollars and offers significant benefits, including the ability to make quick and transparent payments. While discussions around stablecoins often focus on consumer benefits, this payment demonstrates the wide range of uses such currencies can have in the corporate context as well.
Second José Fernandez da Pontesenior vice president of blockchain, cryptocurrencies and digital currencies at PayPal, this transaction illustrates the potential of digital payments to streamline workflows in businesses. Using stablecoins for business payments could become a key component of the global financial infrastructure, with benefits such as eliminating time restrictions for payments and allowing cross-border transactions to be made more efficiently.