PayPal and Anchorage Digital to offer interest rewards for PYUSD stablecoin holders, aiming to boost adoption amid regulatory uncertainty.

set up a Cayman Islands-based entity called Anchorage Digital Neo to facilitate the payouts, explaining that this does not fall under the purview of regulators in the Cayman Islands or any other jurisdiction.

Expansion on the Solana Network

Concurrently, in May, the company extended the use of its stablecoin by incorporating it into the Solana network, its first move outside the Ethereum network. This integration enables PayPal to utilize the Solana network for cheaper and faster transactions, possibly serving millions of merchants worldwide. This strategic decision aims to increase the use for regular transactions as it competes with other stablecoins such as Tether and USD Coin.

Moreover, PayPal’s cross-border transfer service, Xoom, has added PYUSD as a funding option for U.S. customers. This new feature allows fee-free international transfers in the stablecoin to recipients in over 160 countries.

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