Attention Stablecoin Holders: Giant Company’s Stablecoin Announces Plan to Give Holders a Share of Its Profits

PayPal has announced plans to offer a 3.7% annual yield on its U.S. dollar-pegged stablecoin PayPal USD (PYUSD). The initiative aims to encourage wider use of the token and increase participation in the company’s ecosystem. Currently, PYUSD lags behind its competitors with a total market value of $873 million and is also not listed on Binance, the world’s largest cryptocurrency exchange. It is not clear whether PayPal’s initiative will apply to users who will hold PYUSD on cryptocurrency exchanges. However, if exchanges reach an agreement with the company, this mechanism could potentially be integrated. The program, which will launch this summer, will allow U.S.-based users on PayPal and Venmo to earn rewards on their PYUSD holdings. Yields will be distributed monthly and accrued daily in PYUSD, which users can redeem for fiat currency, transfer to others, fund international payments, or use for purchases via PayPal Checkout. Related News: BREAKING: Rumors About Donald Trump’s TRUMP Memecoini Confirmed “We see stablecoins as creating the next generation of payments, but we recognize that this is something that takes time,” said Jose Fernandez da Ponte, PayPal’s senior vice president and general manager of blockchain, crypto and digital currencies. “We are halfway through a 10-year journey.” The rewards program is part of PayPal’s strategy to expand PYUSD’s use case beyond crypto-related transactions and integrate it into more of its core offerings. “We’re thinking a lot about how we can change the cost profile of the payments landscape using stablecoins,” PayPal CEO Alex Chriss said. Competition in the stablecoin arena has intensified since the debut of PYUSD. Fintech firms like Robinhood and Revolut are reportedly exploring their own stablecoin launches. Stripe recently acquired stablecoin infrastructure startup Bridge, while Fidelity has begun testing a stablecoin product. Additionally, Circle, which issues USDC, announced a cross-border payments network earlier this week. *This is not investment advice. Continue Reading: Attention Stablecoin Holders: Giant Company’s Stablecoin Announces Plan to Give Holders a Share of Its Profits

Source: BitcoinSistemi