Fintech company PayPal has completed its first business payment using PayPal USD (PYUSD), its proprietary USD-pegged stablecoin. According to an Oct. 3 Bloomberg report, the payment was made to the Big Four accounting firm Ernst & Young through SAP’s digital currency hub. The companies did not disclose the invoice amount. PayPal Holdings is an audit client of Ernst & Young. The transaction was a way to demonstrate how stablecoins could be used by corporations to make instant payments. PayPal launched PYUSD (PYUSD) in August 2023 backed by US dollar deposits and short-term US Treasurys. Accordi…