PayPal has made history by using its proprietary PYUSD stablecoin to pay an invoice for the first time. The payment was made to Ernst & Young through SAP’s digital currency hub, according to a report by Bloomberg.
Previously, PayPal used its stablecoin, launched last year, for investments in companies, but this marks its debut in B2B payments. Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Crypto, and Digital Currency, highlighted that cross-border transactions in the B2B space are often slow and costly. He noted that stablecoins provide a faster, more cost-effective solution.
Fernandez da Ponte emphasized that the enterprise environment is well-suited for stablecoin usage, especially for Chief Financial Officers seeking efficient alternatives for international payments.