PayPal used stablecoins to pay for EY invoices and introduced streamlining B2B transactions. SAP’s Digital Currency Hub and Coinbase Prime were essential for seamless and secure payments. Stablecoins offer faster, borderless payments, making them attractive to big brands like Google Cloud.
PayPal, SAP, and Coinbase are expanding boundaries through stablecoin technology in business-to-business payments. Recently, PayPal made headlines for settling an invoice to EY using the stablecoin PayPal USD (PYUSD) deposited in EY’s Coinbase Prime account.
According to a blog post, this collaboration through SAP’s Digital Currency Hub will prove the efficiency and security of commerce using stablecoins.
PayPal, EY, and SAP are working with Coinbase to streamline B2B payments.
PayPal recently used stablecoins to pay its EY invoices, trusting Coinbase Prime to run SAP’s new Digital Currency Hub and secure storage.
Click here for details ⬇️ https://t.co/yfXnqelA4z pic.twitter.com/HoI0BqUhis
— Coinbase Institutional 🛡️ (@CoinbaseInsto) October 3, 2024
PayPal recognizes the benefits of stablecoins
Stablecoins have recently become mainstream in the business world as transformative corporate tools. These present a world of near-instant payments, cross-border transactions, and cost efficiency. While stablecoins were originally thought to perform best from a consumer benefit perspective, they are making their way into enterprise environments where time and security are paramount.
According to PayPal’s head of blockchain, this use case represents very tangible value for companies involved in long-term or expensive cross-border payments. For PayPal, this is the company’s first real advance in using cryptocurrencies as a means of operating its business.
Working with organizations like SAP and Coinbase, PayPal has minimized many of the problems associated with highly detailed processes. The SAP platform includes Digital Currency Hub, which enables businesses to quickly send and receive digital payments around the world, 24 hours a day, 365 days a year.
This is not an isolated partnership, as EY now joins a growing number of leading organizations, including Google Cloud, that are choosing Coinbase Prime for crypto-related payments. Google Cloud is already working on leveraging innovative payment methods, such as stablecoins, to improve flexibility and efficiency.
The future of B2B payments with stablecoins
Crypto-enabled B2B payments are currently attracting the attention of various Fortune 500 companies seeking opportunities to utilize them. With major companies such as PayPal and Google Cloud already pioneering this, it is almost inevitable that stablecoins will change daily operations in the near future.
Steven Capozza, Director of Institutional Sales at Coinbase, said:
Stablecoins settle instantly, are borderless, and can provide rewards to holders, improving workflows for businesses and their vendors alike. Coinbase provides the technology that makes these transactions possible and is proud to be trusted by brands like PayPal, Google Cloud, and EY.
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