Deniz 
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 provide incredible value in these use cases,” PayPal’s Director of Market Development Steve Everett said on a Coinbase blog post. The post indicated the money PayPal paid Ernst & Young was sent into the Coinbase account of the accounting company.
According to Bloomberg, PayPal used an enterprise-level digital currency hub to finish the transaction when paying the invoice. Unknown is the amount PayPal paid.
PayPal debuted its USD stablecoin PYUSD about a year ago. The stablecoin’s current market capitalization is roughly $716 million, whereas in August PYUSD 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.
But lately the payments company has been busy, often announcing new alliances and projects meant to expand its digital assets arm and drive higher PYUSD stablecoin usage. PayPal said last week that U.S. corporate clients could purchase, sell, retain, and distribute cryptocurrencies.
“Requiring terms like ‘net-30’ for invoice payments can restrict cash flow and negatively impact business operations,” Everett remarked. “With digital currencies like stable coins, payments can be made 24/7, funds transferred near instantly, and settled in near real time.”
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