PayPal has completed its first business transaction using its PYUSD stablecoin, paying an invoice to accounting giant Ernst & Young. The move aims to showcase how easy and efficient digital currencies can be for commercial payments. The payment was made through an enterprise-level digital currency hub, with the funds deposited into Ernst & Young’s Coinbase account.

While PYUSD’s market cap has dipped from over $1 billion to around $716 million, PayPal is focused on expanding its digital assets efforts, including new crypto services for U.S. businesses. PayPal’s Steve Everett emphasized that stablecoins can offer faster, 24/7 payments compared to traditional invoice terms.

PayPal has completed its first business transaction using its PYUSD stablecoin, paying an invoice to accounting giant Ernst & Young. The move aims to showcase how easy and efficient digital currencies can be for commercial payments. The payment was made through an enterprise-level digital currency hub, with the funds deposited into Ernst & Young’s Coinbase account.

While PYUSD’s market cap has dipped from over $1 billion to around $716 million, PayPal is focused on expanding its digital assets efforts, including new crypto services for U.S. businesses. PayPal’s Steve Everett emphasized that stablecoins can offer faster, 24/7 payments compared to traditional invoice terms.