{"id":30420,"date":"2024-10-04T14:00:49","date_gmt":"2024-10-04T11:00:49","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=30420"},"modified":"2024-10-04T09:20:19","modified_gmt":"2024-10-04T06:20:19","slug":"paypal-completes-first-transaction-with-pyusd-bloomberg","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/paypal-completes-first-transaction-with-pyusd-bloomberg\/","title":{"rendered":"PayPal Completes First Transaction with PYUSD: Bloomberg"},"content":{"rendered":"

PayPal<\/strong> closed its first commercial transaction using its own cryptocurrency, Bloomberg reported<\/a> on Thursday, hoping to show the simplicity of utilizing its U.S. dollar-pegged stablecoin for payments.<\/p>\n

The Silicon Valley-based digital payments company reportedly paid an invoice to Ernst & Young, an international accounting firm.<\/p>\n

“Business-to-business payments are ripe for innovation, and digital currencies can provide incredible value in these use cases<\/em>,” PayPal’s<\/strong> Director of Market Development Steve Everett said on a Coinbase blog post. The post indicated the money PayPal<\/strong> paid Ernst & Young was sent into the Coinbase account of the accounting company.<\/p>\n

According to Bloomberg, PayPal<\/strong> used an enterprise-level digital currency hub to finish the transaction when paying the invoice. Unknown is the amount PayPal<\/strong> paid.<\/p>\n

PayPal<\/strong> debuted its USD stablecoin PYUSD<\/strong> about a year ago. The stablecoin’s current market capitalization is roughly $716 million, whereas in August PYUSD<\/strong> exceeded a market cap of $1 billion. With market capitalization in the tens of billions of dollars, the main USD-pegged stablecoins, Tether’s USDT and Circle’s USDC, are far bigger than PYUSD<\/strong>.<\/p>\n

\"
\nBut lately the payments company has been busy, often announcing new alliances and projects meant to expand its digital assets arm and drive higher PYUSD<\/strong> stablecoin usage. PayPal<\/strong> said last week that U.S. corporate clients could purchase, sell, retain, and distribute cryptocurrencies.<\/p>\n

“Requiring terms like ‘net-30’ for invoice payments can restrict cash flow and negatively impact business operations<\/em>,” Everett remarked. “With digital currencies like stable coins, payments can be made 24\/7, funds transferred near instantly, and settled in near real time.”<\/em><\/p>\n

 <\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em>the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

PayPal closed its first commercial transaction using its own cryptocurrency, Bloomberg reported on Thursday, hoping to show the simplicity of utilizing its U.S. dollar-pegged stablecoin for payments. The Silicon Valley-based digital payments company reportedly paid an invoice to Ernst & Young, an international accounting firm. “Business-to-business payments are ripe for innovation, and digital currencies can<\/p>\n","protected":false},"author":6,"featured_media":30324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[861,8901,2330],"class_list":["post-30420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-paypal","tag-paypal-stablecoin-pyusd","tag-pyusd"],"yoast_head":"\nPayPal Completes First Transaction with PYUSD: Bloomberg - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/paypal-completes-first-transaction-with-pyusd-bloomberg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PayPal Completes First Transaction with PYUSD: Bloomberg - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"PayPal closed its first commercial transaction using its own cryptocurrency, Bloomberg reported on Thursday, hoping to show the simplicity of utilizing its U.S. dollar-pegged stablecoin for payments. 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