KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
PayPal Holdings Inc. has completed its first business payment using its proprietary stablecoin, PYUSD, showcasing how digital currencies can streamline commercial transactions. On Sept 23, PayPal used PYUSD to pay an invoice to Ernst & Young LLP through SAP SE’s digital currency hub, which facilitates instant digital payments.
Stablecoins, like PYUSD, are cryptocurrencies designed to maintain a one-to-one value with traditional currencies such as the US dollar. With a current market capitalization of nearly US$700 million, PYUSD is primarily consumer-focused, but this transaction highlights its potential in business-to-business payments.
Stablecoins offer faster settlement, particularly for cross-border payments, which can often be expensive and time-consuming. Jose Fernandez da Ponte, PayPal’s senior VP of blockchain and digital currencies, noted the benefits for enterprises, especially in providing speed and availability of settlement, reducing reliance on third parties.
PayPal has been expanding its digital asset services, recently allowing merchants to buy, hold, and sell cryptocurrencies, including its stablecoin, from their business accounts. This marks a significant step forward in making stablecoins more accessible to businesses globally, amid ongoing challenges in the broader cryptocurrency industry.
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