- Anchorage Digital, a federally chartered cryptocurrency bank, has added a feature that rewards holders of the stablecoin PayPal USD (PYUSD).
- PYUSD holders can earn rewards by holding their tokens via Anchorage Digital or Porto wallets.
Anchorage Digital has launched a stablecoin rewards program, allowing you to earn rewards for holding the PayPal USD (PYUSD) stablecoin.
The program benefits customers who store PYUSD in a crypto bank or use the platform’s new institutional self-custody wallet, Porto.
Anchorage Digital announced the feature in a blog post. Posted August 22nd.
“Crypto innovators want to leverage Treasury funds, but they cannot compromise on asset security or accessibility. That’s why Anchorage Digital is proud to partner with PayPal, a publicly traded company with a proven track record in cryptocurrency innovation, to launch Anchorage Digital’s stablecoin rewards program featuring PYUSD,” said Nathan McCauley, CEO and Co-Founder of Anchorage Digital.
The Anchorage Digital CEO added that the platform will work with protocols, foundations, venture capital firms, and startups to support and provide access to the PYUSD rewards program.
“Anchorage Digital and PayPal share a common vision of maximizing the value of digital assets by providing secure and efficient payment solutions for institutions, and expanding the utility and benefits of PYUSD for institutional customers,” added Jose Fernandez da Ponte, SVP and General Manager of Blockchain, Cryptocurrency and Digital Currency at PayPal.
Solana, ZKsync support
PayPal USD is a 1:1 US dollar-pegged stablecoin launched in 2023. The US-regulated Paxos Trust Company issues PYUSD tokens, which are fully backed by USD deposits, US Treasury securities, and similar cash equivalents. PayPal allows the buying and selling of stablecoins on its platform.
Anchorage Digital Recent Added Storage support for zero-knowledge cryptocurrency ZKsync.
A cryptocurrency bank with a federal charter announce Support for Solana (SOL) and SPL tokens in early August. According to details shared at the time, the expansion to Solana will allow institutions to securely hold SO and SPL tokens.
PayPal USD launched on Solana in May 2024.