tcs

Paypal's USD stablecoin (PYUSD) and TCS Blockchain are teaming up to make paying trucking and shipping companies' invoices much simpler. They want to ditch the old way of factoring, which has been around for ages, and use quicker, more affordable payments powered by blockchain technology.
For about 50 years now, trucking companies have had to sell their invoices to factoring companies because they couldn't wait 30 to 180 days for payment. The companies say this usually ends up costing them over 30% of what they earn. This new partnership aims to stop those losses by letting payments happen on the same day using blockchain.
TCS Blockchain, which helps finance trade in the transportation industry, made news in 2022 for handling the very first freight invoice payment on a blockchain. Since then, they've processed about 30 million TCS Tokens for business-to-business payments. Their system allows for flexible contracts, same-day payments, and costs that are up to 90% less than traditional factoring.
May Zabaneh, who is a Senior Vice President and General Manager of Crypto at Paypal, commented that if they were creating business-to-business payments from scratch, they wouldn't put up with waiting months for settlement and paying all sorts of fees. She said they'd expect things to be fast, clear, and available all the time. Zabaneh added that working with TCS Blockchain shows how using blockchain for payments can improve the old systems in industries where cash flow is super important, proving that digital money can really boost economic activity.
Paypal introduced PYUSD in August 2023. It's a stablecoin backed by the US dollar and is regulated, designed for making payments and for use in commerce. The New York Department of Financial Services (NYDFS) oversees it, and PYUSD quickly stood out from others by focusing on following the rules, being transparent, and connecting with regular financial systems.
In its first year, PYUSD was added to Paypal's services and became available on major trading platforms, giving people and businesses an easy way to get into digital assets. By March 5th, PYUSD's market value was close to $4.2 billion, showing significant growth.