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PayPal completed its first business payment on Sept. 23, using its stablecoin PYUSD to settle an invoice with Ernst & Young LLP, Bloomberg News reported on Oct. 3.
The transaction was facilitated using software company SAP’s digital currency hub, a platform that allows businesses to send and receive digital payments instantly. The amount was not disclosed.
Stablecoin payments suitable for business
Notably, stablecoins are usually tied to retail users, especially in regions with volatile fiat currencies.
According to the “2023 Geography of Cryptocurrency Report” by Chainalysis, countries such as Argentina, Venezuela, and Mexico display high usage of stablecoins as protection against inflation and a cheaper alternative to make cross-border transactions.
Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency, stated that the enterprise environment is also well-suited to the usage of stablecoins.
He added that business-to-business payments, especially cross-border, are often slow and costly due to third-party intermediaries. Thus, the adoption of stablecoins in these cases offers faster settlement and is increasingly favored by businesses.
PayPal introduced services on Sept. 25 that allow US merchants to buy, hold, and sell crypto via their business accounts.
An Ernst & Young survey published in July highlighted that PYUSD is the most used stablecoin for payments, with 47% of respondents using the PayPal dollar-pegged token in their payments. The survey included accredited and non-accredited investors.
Moreover, the payments infrastructure BVNK started swapping US dollars sent to its platform through Swift for stablecoins, including PYUSD, and then sending the funds to clients around the globe.
The vice president of crypto-related business at PayPal also addressed concerns in the industry following the collapse of FTX. He explained that the partnership with such traditional giants is to demonstrate the stability and utility of PYUSD for business transactions.
