PayPal completed its first business transaction using its stablecoin, PYUSD, by paying Ernst & Young through SAP’s digital currency platform. This move highlights the efficiency of stablecoin payments in speeding up cross-border transactions by eliminating third-party delays. PYUSD, pegged to the US dollar, has a market cap of $700 million and is increasingly adopted for reliable business transactions. PayPal's senior VP emphasized the suitability of stablecoins for B2B transactions, offering a rational choice for CFOs.
#Paypal #PYUSD $BANANA $AXL $APT

One of the most-watched fraud trials in years has reached its dramatic conclusion.#BTC #xrp #etf #sbf #PYUSD Sam Bankman-Fried, who once owned a $32bn business and seemed to have the world at his feet, could now spend the rest of his life in prison.Until relatively recently, the 31-year-old was a dishevelled-looking whizz-kid who had A-listers lining up to endorse and invest in his crypto exchange FTX.There were glossy TV ads for the Super Bowl with Seinfeld co-creator Larry David, supermodel Gisele Bündchen and American football star Tom Brady.He rubbed shoulders with the likes of former UK Prime Minister Tony Blair and former US President Bill Clinton.He donated millions of dollars to good causes, and said in interviews that he wanted to give most of his fortune away.But his empire came crashing down, and investors lost billions. He was found guilty on all seven counts related to fraud and money laundering. He had built his fortune on lies. Now he faces up to 110 years in prison.Who is Sam Bankman-Fried?Born to prominent liberal academics and growing up in the shadow of Silicon Valley, Bankman-Fried showed an astonishing aptitude for maths puzzles at an early age.After graduating with a physics degree from the Massachusetts Institute of Technology (MIT), he joined the trading firm Jane Street. It was there that he started donating half his salary to charity and embracing effective altruism, a movement whose proponents say they take an evidence-based approach to charitable giving.His parents were major influences - both are Stanford law professors who are well-known advocates for social equity. Michael Lewis, author of a new book about Bankman-Fried, told the BBC he believes the entrepreneur simply saw cryptocurrency as a means to make money to change the world.In 2017, Bankman-Fried co-founded Alameda Research, a crypto hedge fund which he says was at one point making him $1m a day. A couple of years later, he set up FTX in Hong Kong.In videos captured for social media, he would often come across as awkward, but in a BBC interview conducted in the Bahamas last year, he appeared at ease, sporting his trademark T-shirt and shorts - despite his business empire crumbling around him.