**Anchorage Digital Unveils PYUSD Rewards Program**

Anchorage Digital has rolled out a new rewards program for clients who custody PayPal USD (PYUSD) stablecoins with the crypto bank. This initiative, announced on August 22, is the first of its kind for Anchorage and targets clients using Anchorage or its institutional self-custody wallet, Porto.

Key Points:

- PYUSD remains fully accessible and segregated on-chain for quick deployment.

- The program offers rewards without rehypothecation, staking, or lending.

- PYUSD, launched by PayPal in 2023, is backed 1:1 by US dollars and issued by Paxos Trust Company.

- Competes with other stablecoins like USDC.

- Anchorage is a regulated digital asset custodian for institutional clients.

This move highlights the growing trend of regulated digital asset custodians in the US, with firms like Fireblocks, Coinbase Custody Trust, and Fidelity Digital Asset Services also securing licenses.