PayPal completes its first commercial transaction using its PYUSD stablecoin

ChainCatcher news, according to Bloomberg, PayPal has completed its first commercial transaction using its PYUSD stablecoin. The Silicon Valley-based digital payment company stated that it paid an invoice to the multinational accounting firm Ernst & Young. PayPal relied on an enterprise-grade digital currency hub to complete the transaction, with the payment amount unknown; the funds have been deposited into the accounting firm's Coinbase account.

PayPal's Market Development Director Steve Everett said, "B2B payments have matured and can be innovated, and digital currencies can provide incredible value in these use cases."