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In another sign of digital asset payment gaining traction, PayPal has completed its first commercial transaction with its stablecoin PYUSD.
According to Bloomberg, PayPal paid an invoice to Ernst & Young on 23 September using PYUSD, relying on an SAP SE platform to complete the transaction.
“The enterprise environment is very well-suited for it,” said Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currency.
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This came after PayPal extended its digital payment offerings to include buying, holding, and selling crypto for US merchants. US businesses except those in New York state will be able to use the service directly from their PayPal Business Accounts.
Last month, PayPal also partnered with Crypto.com to offer crypto purchases for users in the United States. The feature, which will soon be available beyond the US, allows users to connect their PayPal and Crypto.com wallets to transfer funds from the former to the latter to buy cryptocurrencies.
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Besides PayPal, other financial giants like Robinhood, Ethena Labs, and Revolut are making significant strides in the stablecoin space.
Each company is exploring or launching its stablecoin, reflecting a strategic pivot toward digital finance solutions that promise to enhance user experience and operational efficiency.
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