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PayPal USD (PYUSD) closed its first commercial transaction with its USD-pegged stablecoin, therefore signifying a major change in its digital coin products. Though the specific invoice amount was not disclosed, Ernst & Young paid SAP with digital money. This configuration demonstrates how regularly stablecoins could be applied for commercial quick payments.
Short-term US Treasuries and dollar deposits enable PayPal to keep PYUSD starting in August 2023 intact. With a market value of $699 million, the stablecoin is eighth among all the others based on DefiLlama. Stablecoins, which connect to reserve assets like fiat money, give daily transaction stability unlike more volatile cryptocurrencies.
Underlining the benefits of stablecoins in corporate environments, senior vice president of blockchain Jose Fernandez da Ponte from PayPal underlined that this is a crucial topic to tackle with CFOs. PayPal stablecoins logical use is seen by companies looking at digital assets for faster and more efficient transactions.
PayPal’s digital asset capacity has recently advanced to allow American corporate users to trade cryptocurrencies straight from their accounts. As the global regulatory scene around digital money develops, more businesses like Robinhood and Revolut seem seeking to create their own stablecoins.
Having a market value of $119.7 billion, Tether’s USDT maintains top position in the stablecoin market; USD Coin comes second while PayPal’s PYUSD gains acceptance.
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