The PayPal PYUSD stablecoin is changing the way businesses pay each other. The company just made its first corporate payment using PYUSD. This shows how digital currencies can facilitate business transactions, especially across borders.
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Unlock the potential of business payments with PayPal PYUSD Stablecoin and Ernst & Young
groundbreaking deal
On September 23, 2024, PayPal paid an invoice to Ernst & Young LLP using PYUSD. SAP SE’s Digital Currency Hub was used for this transaction. This shows that stablecoins can work well with existing payment systems.
Streamline cross-border payments
PYUSD solves many problems with traditional business payments. PayPal’s Jose Fernandez da Ponte explained why this is useful:
“The enterprise environment lends itself very well to that. The conversation with the CFO makes a lot of sense.”
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Partnerships to drive adoption
PayPal partners with major companies such as SAP and Ernst & Young. This shows that more companies are accepting stablecoins. Fernández da Ponte said:
“PayPal, SAP, EY – these are very well-established names.”
These partnerships could encourage more businesses to use stablecoins for payments. This could change the way companies send money across borders.
The future of corporate payments
More and more companies are realizing the benefits of stablecoin payments. This could change the way corporate finance works. PayPal’s PYUSD is currently worth about $700 million. It could play a big role in this change.
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This first corporate payment using PYUSD is a big step. This shows that digital currencies are becoming part of normal business operations. As more businesses use stablecoins, they may soon have a new payment method that is faster, more secure, and cheaper.
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