PayPal recently completed its first business transaction using its proprietary stablecoin, PYUSD. The payment, facilitated by SAP SE’s digital currency hub on September 23, 2024, was for an invoice sent to Ernst & Young LLP, an accounting firm, though the transaction amount was undisclosed. PYUSD, launched in 2023 and pegged to the US dollar, has a market cap of nearly $700 million. PayPal’s blockchain head, Jose Fernandez da Ponte, highlighted stablecoins' ability to enhance B2B payments by reducing costs and improving cross-border transaction speeds, areas traditionally hindered by slow, expensive processes. Businesses, particularly those in countries with volatile currencies, are increasingly adopting stablecoins for faster settlement. Source: CryptoGlobe
