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PayPal and Anchorage Digital have launched a rewards program for holders of PayPal's USD stablecoin (PYUSD). Introduced in 2023, PYUSD is an ERC-20 token on the Ethereum blockchain, fully backed 1:1 by US dollars and issued by Paxos Trust Company.

The new rewards program is available to clients using Anchorage’s services or the Porto institutional self-custody wallet to store their PYUSD holdings. According to Anchorage Digital, the stablecoin remains fully accessible and segregated on-chain for easy use.

This initiative offers a way to earn rewards without involving rehypothecation, staking, or lending. PYUSD aims to compete with other major dollar-backed stablecoins, such as USD Coin from Circle Internet Financial.