PayPal Completes First Business Transaction with its Stablecoin

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According to a report by Bloomberg on Thursday, PayPal recently completed its first commercial transaction using its US dollar-pegged stablecoin as a demonstration of its ease of use for business payments.

The company, which is based in Silicon Valley and specializes in digital payments, paid an invoice to global accounting firm Ernst & Young using its own proprietary token.

In a blog post on Coinbase, PayPal’s Director of Market Development Steve Everett stated that there is room for innovation in the business-to-business payments industry and that digital currencies can offer significant benefits in these situations.

The payment PayPal made to Ernst & Young was deposited into the accounting firm’s Coinbase account, according to the post.

Bloomberg reported that PayPal utilized an enterprise-level digital currency platform to complete the transaction and the exact amount paid to Ernst & Young is unknown.

PayPal launched its USD stablecoin called PYUSD over a year ago.