Anchorage Digital Launches Reward Program for Institutional Investors Holding PYUSD
- WBOYOriginal
- 2024-08-23 03:27:08447browse
The company announced that institutions using its services or Porto can now earn “competitive rewards” on their PYUSD holdings.
Anchorage Digital, a leading institutional-grade crypto platform, has launched a reward program for institutional investors holding PayPal’s stablecoin (PYUSD) on its platform or in its self-custody wallet Porto, the company announced on Aug. 22.
Institutions using Anchorage Digital’s services or Porto can now earn “competitive rewards” on their PYUSD holdings, according to the statement. Unlike other reward programs that involve rehypothecation, staking, or lending, Anchorage Digital’s program allows participants to earn rewards while keeping their assets fully accessible and segregated in their accounts for quick deployment.
The announcement hinted that while the program currently supports PYUSD, other stablecoins might be included in the future.
Anchorage Digital CEO Nathan McCauley stated that the program aligns with crypto innovators’ desire to generate returns on their treasury assets without compromising security or accessibility. He added:
“Anchorage Digital looks forward to working with crypto innovators — including protocols, foundations, VCs, and startups — to unlock the next phase of growth by supporting access to our stablecoin rewards program.”
PayPal’s General Manager of Blockchain, Crypto, and Digital Currency also commented that the initiative will expand PYUSD’s utility and benefit institutional users.
$1 billion milestone
The partnership comes as PayPal’s PYUSD is approaching a $1 billion market cap, driven by the strong adoption of the stablecoin on the Solana network.
PYUSD’s supply surged by around $400 million in the past month, representing a 60% increase. This growth has positioned PYUSD as the fastest-rising stablecoin, reaching $960 million as of press time, according to data from CryptoSlate.
DeFillama data further showed that most PYUSD is on the Solana blockchain, with $590 million on Solana compared to about $366 million on Ethereum.
Market observers have linked PYUSD’s success on Solana to the high yields offered by Solana-based DeFi protocols such as Drift. This platform provides users with substantial rewards, offering nearly 20% annual returns for those who deposit the stablecoin.
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