Anchorage Digital and PayPal Introduce Stablecoin Rewards Program Focused on PYUSD
- WBOYOriginal
- 2024-08-24 09:05:11515browse
The program is designed for institutional investors and offers them a way to earn interest on their PYUSD holdings without taking on risks like staking or lending.
PayPal and Anchorage Digital Announce Stablecoin Rewards Program on PYUSD
Payments giant PayPal and crypto custodian Anchorage Digital have announced a new partnership, introducing a stablecoin rewards program focused on PayPal USD (PYUSD).
Announced on Aug 22, the program is designed for institutional investors and offers them a way to earn interest on their PYUSD holdings without taking on risks like staking or lending. The stablecoins will be securely held in on-chain accounts, ensuring that neither Anchorage nor PayPal loans out customers’ assets to fund the rewards. According to the announcement, the main target of this program is Anchorage’s accredited institutional clients.
Today, @Anchorage Digital is pleased to introduce stablecoin rewards on @PayPal’s PYUSD.
Earn competitive rewards on PYUSD balances in our secure custody or in our institutional self-custody wallet, Porto.
Learn more ⬇️:
https://t.co/LtcmXRgnCh
pic.twitter.com/0ZyoJSvAkp
The rewards will be paid out daily and will vary depending on the amount of PYUSD held and the length of time it is held for. The program will be available to both new and existing Anchorage clients who meet the accreditation criteria.
This rewards initiative comes as PayPal’s stablecoin sees steady growth, with its supply increasing by over 60% in the past month. PYUSD recently overtook another popular stablecoin, USDD, becoming the sixth-largest stablecoin by market value.
Anchorage’s CEO, Nathan McCauley, believes this program could encourage more institutions to use stablecoins and bridge the gap between traditional finance and digital assets.
“This integration will allow institutions to earn rewards on their stablecoin holdings through Anchorage, without having to take on the risks associated with staking or lending their assets,” said McCauley. “We believe this will be a key driver in accelerating the adoption of stablecoins by institutions.”
PayPal’s stablecoin, PYUSD, is a fully backed, regulated digital currency pegged to the US dollar. It was launched in June 2023 and is available to purchase, sell, and hold in PayPal wallets. PYUSD can also be used to make payments at any of the 39 million merchants that accept PayPal.
Anchorage Digital is a leading crypto custodian and infrastructure provider. It offers a range of custody, trading, and lending services for institutional clients. The company is also developing a digital asset bank, which is expected to launch later this year.
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