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PayPal's Rewards Program for PYUSD: Terms and Prospects

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by Giorgi Kostiuk

4 hours ago

PayPal has announced plans to offer a 3.7% annual yield on its stablecoin PayPal USD (PYUSD) as part of a rewards program.

Terms of the Rewards Program

The new program, launching 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.

Stablecoin Market

Currently, PYUSD has a market value of $873 million, making it less competitive compared to other stablecoins. It is also not listed on Binance, the world's largest cryptocurrency exchange.

PayPal's New Strategy

According to Jose Fernandez da Ponte, PayPal’s senior vice president, the company views stablecoins as the next evolution in payments. PayPal CEO Alex Chriss emphasizes that they are crafting a strategy aimed at changing the payment landscape with stablecoins.

With the launch of the rewards program, PayPal aims to increase the use of PYUSD and develop its corporate ecosystem. Competition in the stablecoin market continues to grow.

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