PayPal successfully utilizes PYUSD stablecoin for instant commercial payments

According to Bloomberg, the payment giant PayPal has completed its first business transaction using its proprietary stablecoin, successfully transferring its PYUSD to the accounting firm Ernst & Young LLP's account on Coinbase Prime.

SAP Digital Currency Platform

On September 23, PayPal made a payment using their stablecoin PYUSD and completed the transaction through SAP's digital currency platform.

SAP is a German enterprise application software provider that primarily offers Enterprise Resource Planning (ERP) software to help businesses manage their operations more efficiently. Their solutions cover various areas such as financial management, Customer Relationship Management (CRM), supply chain management, and human resources management.

SAP's Digital Currency Hub is an innovative platform introduced by SAP to explore the potential of using stablecoins for international business transactions. The SAP Digital Currency Hub can integrate with SAP's ERP system to automate stablecoin payments and reconciliation processes, enabling businesses to conduct cross-border payments faster, securely, and reconcile more easily.

Utilizing PYUSD for B2B Payments

PayPal successfully transferred its PYUSD to the accounting firm Ernst & Young LLP's account on Coinbase Prime through SAP's digital currency platform.

Steve Everett, Market Development Director at PayPal, stated:

The time is ripe for B2B payment innovation, and digital currencies can provide immense value in these use cases. Using digital currencies like stablecoins allows for 24/7 payments, almost instant fund transfers, and near real-time settlements, enabling businesses to put their funds to use more quickly.

PYUSD Market Cap Approaching $700 Million

Last August, global payment giant PayPal collaborated with stablecoin issuer Paxos to launch the US dollar stablecoin PayPal USD (PYUSD), aiming to serve as a medium between fiat currencies and Web3 in global payment scenarios, including remittance services, B2B payments, and digital goods payments.

However, according to data from CoinGecko, although PYUSD's market cap exceeded $1 billion in August, the current market cap is around $690 million, ranking it seventh among stablecoins.

From this case, PayPal's attempt to promote the application scenarios of its stablecoin through compliance with the listed exchange Coinbase and the traditional SAP platform that enterprises rely on may gradually enhance public acceptance.