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PayPal and Anchorage Digital Launch Rewards Program for PYUSD Stablecoin

PYUSD was introduced by PayPal in 2023 as an ERC-20 token on the Ethereum blockchain.

PayPal has partnered with Anchorage Digital to introduce a rewards program for clients holding PayPal’s USD stablecoin (PYUSD).

The initiative applies to clients who use Anchorage’s services or the Porto institutional self-custody wallet to store their PYUSD holdings.

“PYUSD remains fully accessible and segregated in participants’ accounts on-chain for quick deployment,” the crypto bank said in an announcement.

“Importantly, this program presents a way to earn rewards without rehypothecation, staking, or lending involved.”

PYUSD is Backed 1:1 by US Dollars

PYUSD was introduced by PayPal in 2023 as an ERC-20 token on the Ethereum blockchain, backed 1:1 by US dollars and issued by Paxos Trust Company, a regulated crypto custodian in the US.

The stablecoin aims to compete with other prominent dollar-backed stablecoins like the USD Coin from Circle Internet Financial. #Laraxenteam #laraxen #LaraxenFamily