PayPal has announced the first commercial transaction using its proprietary token PYUSD, a stablecoin pegged to the U.S. dollar, to demonstrate the convenience of using the currency for commercial payments. The Silicon Valley-based digital payments company has made an invoice payment to multinational accounting firm Ernst & Young, according to Bloomberg.

PYUSD's market capitalization has dropped significantly since its launch more than a year ago. While PYUSD's market capitalization surpassed $1 billion in August, it currently stands at around $694 million. Meanwhile, other stablecoins such as Tether's USDT and Circle's USDC still lead the market with capitalizations in the tens of billions of dollars.

Source: Coingecko

PayPal has been aggressively expanding its partnerships and initiatives in recent times to grow its digital asset business and promote the use of PYUSD. Last week, the company announced plans to enable U.S.-based corporate customers to buy, sell, hold, and transfer cryptocurrencies.

#Write2Win #BinanceTurns7 #btc #paypal #bnb $ADA $XRP $CELO