PayPal Executes First Business Payment with PYUSD Stablecoin

PayPal
has
marked
a
significant
advancement
in
corporate
payments
by
completing
its
first
business
transaction
utilizing
its
stablecoin,
PayPal
USD
(PYUSD).
The
achievement
demonstrates
the
potential
of
digital
currencies
to
enhance
the
efficiency
of
cross-border
payments.
In
this
endeavor,
PayPal
collaborated
with

Ernst
&
Young
LLP
to
settle
an
invoice
using
PYUSD,
setting
a
precedent
for
digital
currencies
in
the
corporate
world.

PayPal’s
Strategic
Moves
Boost
Adoption
of
Crypto
Payments

PayPal
has
been
involved
in
the
cryptocurrency
sector
since
2014,
initially
enabling
users
to
make
transactions
using
a
limited
number
of
cryptocurrencies.
However,
the
company
has
recently
ramped
up
its
efforts
to
promote
the
use
of
crypto
for
payments.
One
of
the
most
notable
steps
in
this
direction
was
the
introduction
of
its
own
stablecoin,

PayPal
USD
(PYUSD),
in
August
2023.
This
launch
clearly
indicated
the
company’s
intention
to
attract
more
crypto
investors
and
expand
its
user
base
in
the
digital
asset
space.

In
September
2024,
PayPal
unveiled
another
development
that
signals
its
commitment
to
further
integrating
cryptocurrency
into
its
payment
solutions.
The
firm
announced
that
its
merchant
customers
would
now
be
able
to
buy,
sell,
and
hold
cryptocurrencies
directly
from
their
merchant
wallets.
This
capability
opens
new
opportunities
for
businesses
to
adopt
crypto
payments,
making
PayPal
a
more
versatile
platform
for
both
individual
and
business
users.

PayPal’s
impact
is
far-reaching,
given
its
expansive
user
base
of
over
400
million
customers
and
36
million
merchant
accounts
worldwide.
The
company’s
substantial
market
presence
positions
it
to
drive
widespread
adoption
of
crypto
payments
across
various
regions.
Additionally,
with
a
market
capitalization
close
to
$80
billion,
PayPal
currently
commands
around
45%
of
the
global
payments
market
share,
cementing
its
role
as
a
key
player
in
the
industry.
This
influence
has
not
only
set
a
precedent
for
traditional
finance
(TradFi)
firms
shifting
toward
digital
assets
but
has
also
motivated
other
payment
processors
to
explore
similar
strategies.

⚡️NEW:
PayPal
completes
its
first
transaction
using
its

$PYUSD
stablecoin.

On
Sept.
23,
PayPal
used
its
PYUSD
stablecoin
to
pay
an
invoice
to
Ernst
&
Young
LLP
via
SAP’s
digital
currency
hub,
enabling
instant,
24/7
digital
payments.

pic.twitter.com/aDwBNLZoGi

—
Cointelegraph
(@Cointelegraph)

October
3,
2024

PayPal’s
First
PYUSD
Transaction
Demonstrates
the
Future
of
Corporate
Finance

Last
week,
PayPal
settled
an
invoice
with
Ernst
&
Young
LLP
using
PYUSD,
a
transaction
processed
through
SAP
SE’s
digital
currency
hub
platform.
This
platform
enables
businesses
to
make
instant,
24/7
digital
payments,
demonstrating
the
benefits
of
such
currencies
for
enterprises.
Although
the
exact
amount
of
the
invoice
was
not
revealed,
the
move
underscores
how
stablecoins,
which
are
pegged
to
traditional
currencies,
can

simplify
international
transactions.

PYUSD
was
launched
by
PayPal
last
year
and
is
backed
by
the
US
dollar.
It
currently
has
a
market
capitalization
approaching
$700
million.
With
this
transaction,
PayPal
has
showcased
how
digital
currencies
can
reduce
transaction
times
and
costs
in
a
corporate
setting.

Jose
Fernandez
da
Ponte,
the
senior
vice
president
of
blockchain,

cryptocurrency,
and
digital
currency
at
PayPal,
emphasized
the
relevance
of
stablecoins
in
enterprise-level
payments,
stating
that
the
corporate
environment
is
well-suited
for
such
innovations.
He
described
the
use
of
PYUSD
as
a
logical
step
for
chief
financial
officers
to
consider,
highlighting
its
efficiency
and
reliability.

The
Role
of
Stablecoins
in
Modernizing
Corporate
Payment
Solutions

The
increased
adoption
of
stablecoins
like
PYUSD
is
not
limited
to
the
United
States.
In
areas
where
traditional
currencies
are
more
volatile,
stablecoins
offer
businesses
a
viable
solution
by
providing
faster
settlements
and
reducing
the
dependency
on
third-party
intermediaries.
This
attribute
makes
them
particularly
appealing
in
regions
facing
economic
instability.

In
this
specific
transaction,
PayPal
collaborated
with
well-established
partners,
including
SAP
and
Ernst
&
Young.
The
involvement
of
these
respected
industry
leaders
adds
credibility
to
the
use
of
digital
currencies
in
corporate
settings.
Fernandez
da
Ponte
noted
that
partnering
with
known
entities
such
as
PayPal,
SAP,
and
EY
lends
significant
weight
to
the
usefulness
and

trustworthiness
of
stablecoin-based
transactions.

By
executing
this
transaction,
PayPal
has
positioned
itself
as
a
pioneer
in
corporate
digital
payments.
It
has
also
demonstrated
how
stablecoins
can
be
used
in
the
business
world
to
streamline
operations
and
offer
a
more
secure
and
efficient
payment
option
for
companies
globally.
The
successful
use
of
PYUSD
in
this
context
points
to
a
future
where
digital
currencies
may
become
a
standard
in
corporate
transactions,
enabling
real-time,
cost-effective
cross-border
payments.

Flockerz:
A
Prominent
Crypto
Presale
Featuring
a
Meme-Based
DAO
Concept

Flockerz
has
emerged
as
one
of
the
standout
crypto
presales
this
year,
offering
a
unique
approach
to
popularize
the
decentralization
of
the
cryptocurrency
ecosystem.
With
a
clever
concept
and
an
engaging
narrative,
this
project
has
been
generating
significant
attention
within
the
community.
Its
humorous
style
combined
with
a
strong
commitment
to
decentralization
sets
it
apart
from
other
meme
coin
initiatives.

The
Flockerz
project
is
built
around
FlockTopia,
a
decentralized
autonomous
organization
(DAO)
with
a
rich
backstory.
The
lore
behind
FlockTopia
centers
on
a
once-powerful
king
who
ruled
over
the
crypto
kingdom.
However,
when
the
kingdom
faced
ruin,
the
king
chose
to
relinquish
his
authority,
distributing
power
among
his
subjects
to
democratize
control
over
“degen
trading.”
This
imaginative
storyline
forms
the
foundation
for
the
community-driven
and
participatory
nature
of
FlockTopia.

The
central
feature
of

FlockTopia
is
its
Vote-to-Earn
ecosystem,
which
allows
investors
not
only
to
vote
on
decisions
related
to
the
project’s
future
development
but
also
to
earn
rewards
for
their
participation.
This
incentive
model
is
designed
to
encourage
active
engagement
from
the
community
and
make
governance
more
rewarding.
In
addition
to
this,
Flockerz
offers
a
staking
option,
providing
another
benefit
for
long-term
holders
who
wish
to
support
the
project
while
earning
passive
income.

Flockerz
adopts
a
witty
and
eye-catching
theme,
symbolized
by
a
flock
of
hens
surrounding
their
king
at
the
center.
Each
hen
is
depicted
with
a
lazy-eyed
look,
reflecting
the
fluctuating
nature
of
the
cryptocurrency
market.
The
imagery
of
these
birds
staring
anxiously
at
the
market’s
ups
and
downs
humorously
captures
the
common
investor’s
quest
for
both
short-term
gains
and
long-term
profits.

By
combining
a
compelling
backstory,
engaging
mechanics
like
Vote-to-Earn,
and
a
playful
visual
style,
Flockerz
is
positioning
itself
as
a
distinctive
player
in
the
rapidly
evolving
world
of
meme
coins.
With
its
presale
generating
buzz
and
attracting
attention,
the
project
aims
to
leverage
community
involvement
and
reward
participation,
creating
a
self-sustaining
ecosystem
that
offers
benefits
to
both
casual
investors
and
committed
stakeholders.

Visit
Flockerz
Presale

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