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Anchorage Digitals, a reputable crypto platform for institutions, has recently joined hands with PayPal, a fintech firm, to introduce its inaugural stablecoin rewards initiative. This program aims to boost institutional acceptance of PayPal’s stablecoin (PYUSD) and connect traditional finance with the digital asset ecosystem.
Drive Behind PYUSD Reward Program
This rewards initiative originated from institutional investors seeking to maximize the use of their treasury funds while upholding asset security and accessibility. This prompted Anchorage Digital and PayPal to strive to provide secure and efficient payment solutions for institutions.
Anchorage’s CEO, Nathan McCauley, mentioned that this unique program is geared to speed up the acceptance of the stablecoin. Above all, it is designed to amplify the practicality and advantages of PYUSD for institutional clients.
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Anchorage’s Accredited Clients to Benefit from the Initiative
As announced by Anchorage Digitals, this initiative is designed so that users will earn PYUSD balances without needing to stake, lend, or reuse assets. However, the specific mechanics of this process are still uncertain.
Importantly, this reward program benefits clients who hold PayPal USD tokens with either Anchorage’s crypto-native bank or its self-custody wallet, Porto. However, payouts depend on the amount deposited. The crypto custodian revealed that the stablecoins will stay available and separated in participants’ on-chain accounts for swift utilization.
This is to assure customers that both companies are not borrowing user’s assets to generate profits for the program. Infact, Anchorage Digital will finance the program using the returns from the assets.
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Growing Stablecoin Competition
This reward program comes as the stablecoin pegged to the US dollar is gaining traction in the digital market. Recently, most investors holding digital assets have recorded massive inflows. The PYUSD stablecoins on Solana are catching up with the ones on Ethereum. It’s like a big change in the world of stablecoins.
Also, PayPal’s stablecoin has experienced rapid growth. It has moved ahead of Justin Sun-backed USDD to become the sixth largest in terms of market value. In the last 30 days, the total supply of PayPal’s stablecoin has shot up by over 64%.
