PayPal deepens its push into PYUSD for business transactions, making its first payment using the stablecoin.
Fintech company PayPal has completed its first business payment using PayPal USD (PYUSD), its proprietary USD-pegged stablecoin.
According to an Oct. 3 Bloomberg report, the payment was made to the Big Four accounting firm Ernst & Young through SAP’s digital currency hub. The companies did not disclose the invoice amount. PayPal Holdings is an audit client of Ernst & Young.
The transaction was a way to demonstrate how stablecoins could be used by corporations to make instant payments.
