PayPal’s USD stablecoin, PYUSD is now part of an innovative rewards program, in cooperation with the Anchorage Digital.
New incentives for PYUSD holders
To enhance the appeal of its stablecoin, PayPal joined forces with Anchorage Digital, the digital banking company to roll out a rewards program for PYUSD holders.
This program specifically targets clients who utilize Anchorage’s services or store their PYUSD holdings in the Porto institutional self-custody wallet.
Anchorage shared that PYUSD assets will remain fully accessible and segregated on-chain, allowing for quick deployment.
The rewards are earned without the need for rehypothecation, staking, or lending, representing a straightforward and secure way for participants to benefit from holding PYUSD.
PYUSD, the success story
PYUSD is an ERC-20 token issued on the Ethereum blockchain and backed 1:1 by US dollars.
This stablecoin, issued by Paxos Trust Company want to rival other major dollar-backed stablecoins, such as Circle’s USDC.
One of PYUSD’s standout features is its seamless integration with a wide range of external developers, wallets, and web3 applications, making it highly flexible and appealing in the digital economy, especially for PayPal users.
Anchorage Digital is at the forefront of the growing demand for regulated digital asset custodians in the US.
The launch of this rewards program is a good example of their efforts to innovate within the crypto custody space.
Earlier this year, the company introduced Porto, a self-custody solution tailored for institutional clients, including venture funds and sovereign wealth funds.
This trend is reflected across the industry, with other institutions like Coinbase offering around 5.2% annual yield on USDC holdings through its institutional custody services.
Also, Fireblocks received approval from New York’s financial regulator to provide similar custody services for US clients.
PYUSD on Solana
PYUSD’s role on the Solana blockchain grown big time, and now it surpass its presence on Ethereum, driven by integrations with decentralized exchanges like Jupiter and Orca.
These platforms have added PYUSD to their liquidity pools, boosting the stablecoin’s visibility and use on Solana.
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