Bitget App
Trading lebih cerdas
Beli KriptoPasarPerdaganganFuturesCopyBotsEarn
PayPal Completes First Corporate Payment Using PYUSD Stablecoin

PayPal Completes First Corporate Payment Using PYUSD Stablecoin

CoineditionCoinedition2024/10/08 01:09
Oleh:By Nynu V Jamal
  • PayPal has completed its first business transaction using its stablecoin PYUSD.
  • The transaction highlights stablecoins’ potential to streamline corporate payments.
  • PayPal has settled an invoice with Ernst Young LLP using PYUSD.

Financial technology company PayPal Holdings achieved a significant milestone in corporate payments, potentially driving mainstream crypto adoption. The platform executed its first business transaction using its stablecoin PayPal USD (PYUSD) on September 23, 2024.

PayPal Settles Invoice with Ernst Young Using PYUSD

According to Bloomberg , PayPal Holdings settled an invoice with multinational accounting firm Ernst Young LLP using PYUSD. This demonstrates the potential of digital assets to improve corporate payments. PayPal reportedly used the SAP SE platform, known as the digital currency hub, to complete the transaction.

Baca juga: Vitalik Buterin di ENS: “Hebat” dan PayPal, integrasi Venmo Meningkatkan Adopsi

While the invoice amount remains undisclosed, the transaction highlights the streamlined process of cross-border payments using PYUSD, showcasing the potential for simplified and efficient international settlements.

Notably, PayPal deposited the funds into Ernst Young’s Coinbase account. In a Coinbase blog post, PayPal’s Director of Market Development, Steve Everett, stated, “Business-to-business payments is ripe for innovation, and digital currencies can provide incredible value in these use cases.”

Stablecoins and Cross-Border Transactions

Stablecoins are cryptocurrencies backed by assets or commodities like fiat currencies or gold. Investors often prefer stablecoins to highly volatile cryptocurrencies. PYUSD is pegged to the US Dollar and has a market cap of $700 million.

Read also: PayPal and Venmo Embrace ENS for Smoother Crypto Transactions

Jose Fernandez da Ponte, PayPal’s senior vice president of its blockchain, cryptocurrency, and digital currency group, explained the benefits of using stablecoins for cross-border transactions. He stated that business group transactions, especially in international connections, are often expensive and risky. Sometimes, they require reliance on third parties.

In such a scenario, stablecoin transactions offer a more attractive option due to their faster settlements. Acknowledging PayPal’s collaboration with the industry leads, Fernandez da Ponte stated, “Paypal, SAP, EY – those are names that are very, very well-established.”

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: Konten pada artikel ini hanya merefleksikan opini penulis dan tidak mewakili platform ini dengan kapasitas apa pun. Artikel ini tidak dimaksudkan sebagai referensi untuk membuat keputusan investasi.

PoolX: Kunci untuk token baru.
APR hingga 12%. Selalu aktif, selalu dapat airdrop.
Kunci sekarang!

Kamu mungkin juga menyukai

Startup Crypto-AI Fraction AI mengumpulkan $6 juta dalam pendanaan pra-seed

Fraction AI telah mengumpulkan $6 juta dalam putaran pendanaan pra-seed yang dipimpin bersama oleh Spartan dan Symbolic. Startup kripto-AI ini berfokus pada desentralisasi pelabelan data.

The Block2024/12/18 18:34

World Liberty Financial yang didukung Trump dan Ethena berencana untuk berkolaborasi dimulai dengan implementasi sUSDe

Ringkasan Cepat Platform DeFi yang didukung Donald Trump, World Liberty Financial, dan Ethena berencana untuk melakukan "kolaborasi jangka panjang" dimulai dengan penerapan token yang menghasilkan imbal hasil, sUSDe. Pemerintahan World Liberty Financial akan diminta untuk memutuskan penerapan ini minggu ini.

The Block2024/12/18 16:45