PayPal is rising in ante in Stablecoin Wars as it is set to start offers us users of 3.7% annual return to its paypal USD balances (PIUSD) Stablecoin.
The harvest, which accumulates day -day and paid monthly to the pyusd, is designed to motivate adoption by making a token that is more appealing and standing in the middle of the competition, Bloomberg reported.
Set to launch this Tag -Its, the program will allow users to earn rewards while maintaining their stablecoins at PayPal and Venmo Wallets. Stablecoin can be spent by checkout PayPal, transferred to other users, or converted to traditional dollars.
“We’re half on a 10-year trip,” said Jose Fernandez Da Ponte, head of Paypal’s blockchain and digital currency. The goal, he added, is to build a new set of payment metals that reduces costs and improves speed. CEO Alex Chriss shouted at the point, saying that Stablecoins offered a chance to reshape the economy of the payment landscape.
Launched in 2023, the pyusd was issued by the Paxos Trust and that -back of reserves such as US treasures. Despite recognizing the PayPal brand, the pyusd market sharing remains small – about $ 868 million – compared to the $ 143 billion USDT of Tether Tether, according to Rwa.xyz Data.
The move is also part of the continued push of Paypal’s cryptocurrency. Earlier this month, the firm Added Chainlink (Link) and Solana (Sol) on the growing list of supported cryptocurrencies.
