PayPal, SAP, and Coinbase Transforming B2B Payments with Stablecoins
- PayPal used stablecoins to pay EY invoices, showcasing streamlined B2B transactions.
- SAPs Digital Currency Hub and Coinbase Prime were essential for seamless, secure payments.
- Stablecoins offer faster, borderless payments, appealing to large brands like Google Cloud.
PayPal, SAP, and Coinbase are expanding the boundaries through stablecoin technology in business-to-business payments. Recently, PayPal made headlines for settling invoices for EY using its stablecoin, PayPal USD (PYUSD), which was deposited into EYs Coinbase Prime account.
According to the blog post, this collaboration, via SAPs Digital Currency Hub, proves efficiency and security in commercial transactions using stablecoins.
PayPal Sees the Benefits of Stablecoins
Recently, stablecoins have been riding the mainstream in the business world as transformative enterprise tools. They present a world of near-instant settlement, bordered transactions, and cost efficiency. Originally considered to perform best within consumer-benefit contexts, stablecoins are taking the leap into enterprise environments where time and security matter most.
According to the head of blockchain at PayPal, this use case represents a very specific value for businesses involved with long or expensive cross-border payments. For PayPal, this is the first real stride the company has taken in using crypto as an operational business vehicle.
In cooperation with entities such as SAP and Coinbase, PayPal has minimized much of the headache associated with what can be a very detailed process. The SAP platform includes Digital Currency Hub, which enables enterprises to quickly send and receive digital payments globally, 24/7.
It is not an isolated partnership because today, EY joins the growing ranks of marquee organizations, including Google Cloud, which have chosen Coinbase Prime for their crypto-related payments. Already, Google Cloud has committed to leveraging innovative payment methods, such as stablecoins, for better flexibility and efficiency.
The Future of B2B Payments with Stablecoins
Crypto-enabled B2B payments are now attracting the attention of various Fortune 500 companies for an opportunity to avail. With big names like PayPal and Google Cloud already pioneering this, it is pretty much inevitable that stablecoins will change day-to-day operations in the near future.
Steven Capozza, Director of Institutional Sales at Coinbase, said:
Stablecoins settle instantly, are borderless, and can offer rewards to holders, improving workflows for companies and their vendors alike. Coinbase is proud to provide the technology making these transactions possible and to be trusted by brands like PayPal, Google Cloud, EY, and many others.
Related Reading | SWIFTs Digital Asset Trials Set to Revolutionize Banking by 2025
Read more: https://www.tronweekly.com/paypal-sap-and-coinbase-transforming-b2b/
Text source: TronWeekly
