PayPal Completes First Business Transaction with PYUSD Stablecoin

PayPal has made its first business payment using its stablecoin, PYUSD, transferring funds to Ernst & Young LLP via SAP digital currency platform. This marks a milestone for PayPal, as stablecoins like PYUSD streamline cross-border transactions, offering faster and more secure payments.

On September 23, PayPal executed its first-ever business payment using its own stablecoin, PYUSD, paying Ernst & Young LLP (EY) through SAP SE’s digital currency hub. This marked a significant milestone for both PayPal and the world of stablecoin usage in business payments.

PYUSD, launched by PayPal in 2022, is pegged to the US dollar and has a current market cap of approximately $700 million. This stablecoin was developed to make digital payments faster, more secure, and less reliant on third-party intermediaries. By leveraging PYUSD, PayPal aims to help businesses achieve seamless cross-border transactions, which are traditionally slowed by complex processes involving multiple financial entities.

Stablecoins in Business Payments

Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currencies, noted that stablecoins like PYUSD are becoming increasingly popular for business-to-business (B2B) transactions. Businesses, especially those operating in regions with volatile currencies, are turning to stablecoins to reduce the risks and delays associated with traditional payments.

Through PYUSD, PayPal enables businesses to settle payments instantly, 24/7, bypassing delays commonly seen in traditional cross-border transactions. Earlier this year, PayPal allowed merchants to buy, hold, and sell cryptocurrencies directly through their business accounts, expanding its role in the digital finance world.

PayPal Strong Financial Performance

PayPal has been thriving financially, reporting $9.08 billion in revenue for the third quarter of 2024, a 12% increase from the same period last year. This growth is attributed to the surge in user engagement and transaction volumes, especially with the introduction of PYUSD. PayPal’s active accounts reached 500 million, and its total payment volume (TPV) grew to $355 billion in Q3, up 10% from 2023.

With these milestones, PayPal is positioning itself as a leader in both traditional and digital payments, further solidifying its role in the cryptocurrency space.

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