In another sign that digital asset payments are gaining momentum, PayPal has completed its first commercial transaction with stablecoin PYUSD.
According to Bloomberg, PayPal used PYUSD to pay the invoice to Ernst & Young on September 23 and used the SAP SE platform to complete the transaction.
“Enterprise environments are very well suited for that,” said José Fernández da Ponte, senior vice president of blockchain, cryptocurrencies and digital currencies at PayPal.
PayPal allows U.S. businesses to buy, hold, and sell cryptocurrencies
Merchants in the United States, excluding sellers in New York state, will now be able to buy, hold, and sell cryptocurrencies through their PayPal business accounts.
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This comes after PayPal expanded its digital payment services for U.S. merchants to include buying, holding, and selling cryptocurrencies. Businesses in the United States, excluding New York, 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 to users in the United States. The feature will soon be available outside the US, allowing users to connect their PayPal and Crypto.com wallets and transfer funds from the former to the latter to purchase cryptocurrencies.
Crypto.com partners with PayPal for US crypto purchases
In addition to loading the Crypto.com Visa card, users can activate their PayPal account as an alternative payment method for crypto purchases.
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Besides PayPal, other financial giants such as Robinhood, Ethena Labs, and Revolut are making great strides in the stablecoin space.
Companies are exploring or announcing stablecoins to reflect their strategic shift towards digital finance solutions that promise to improve user experience and operational efficiency.
Stablecoins: Major companies shift focus to digital finance
Robinhood, Ethena Labs, and Revolut have each launched or developed their own stablecoins. This strategic move is aimed at increasing transaction efficiency, attracting users, and opening up new revenue streams as the stablecoin market gains momentum and attracts interest from institutional investors.
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