TCS Blockchain has adopted PayPal USD (PYUSD) to improve cash flow in North America’s logistics industry, The Block reported on March 3.
Under the partnership, carriers can raise funds on the same day after issuing invoices and can expect cost savings of 90 percent compared with existing billing methods, The Block said.
TCS supports carriers in exchanging invoice rights for its utility token and then converting it into PYUSD on the INX-Republic exchange. Previously, to avoid payment delays of 30 to 180 days, carriers had to sell invoices to factoring companies and give up more than 30 percent of their proceeds. TCS Blockchain settled its first freight invoice on-chain in 2022 and has used 30 million TCS tokens for business-to-business payments so far. Todd Ziegler (토드 지글러), CEO of TCS Blockchain, said, "We will record annual freight invoice flow worth $1 billion by 2026," adding, "Through cooperation with PayPal USD, we will provide carriers with greater cost savings."
Chi-gyu Hwang
delight@d-today.co.kr