PayPal has completed its first commercial transaction using its PYUSD stablecoin

According to Bloomberg, PayPal has completed its first commercial transaction using its PYUSD stablecoin. The Silicon Valley-based digital payment company said it paid an invoice to the multinational accounting firm Ernst Young. PayPal relied on a corporate-level digital currency center to complete the transaction when paying the invoice, with an unknown amount of money that has been deposited into the accounting firm's CEX account. Steve Everett, Director of Market Development at PayPal, stated: "B2B payments have matured and can be innovated; digital currencies can provide incredible value in these use cases."