PayPal, the payments giant, is said to be offering its customers a yield on their proprietary stablecoin.
PayPay, according to Bloomberg’s latest report, plans to offer rewards to PayPal USD users (PYUSD), as a way to increase its use.
Reports say that this program will launch in the summer but no date has been given. Users of PayPal or Venmo can earn 3,7% per year on PYUSD held within their crypto wallets.
Rewards are paid monthly in PYUSD, which can be converted to fiat currencies, used for payment, or sent to others.
In an interview with Bloomberg, PayPal senior vice president Jose Fernandez da Ponte and general manager for blockchain, crypto, and digital currencies said that their goal is to encourage the use of stablecoins on the platform.
We see stablecoins building the next-generation of payment rails, but are well aware it takes time. “We are half-way through a 10 year journey.”
PYUSD was launched in 2023, in partnership with Paxos stablecoins. The token reserves were 100% US dollars and could be redeemed 1:1.
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This report, PayPal to Offer Yield on Stablecoins PYUSD in Order To Increase Stablecoin Usage: Report first appeared on The ICD.
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