Stablecoin PYUSD set to yield for PayPal users, aimed at increasing adoption: Sources
Hot Off the Press: PayPal Offering a Juicy Yield on Their Stablecoin!
Yep, you heard it right! PayPal is all set to dish out some sweet rewards for its users. Their proprietary stablecoin, PayPal USD (PYUSD), is about to become a whole lot more enticing, offering an annual yield of 3.7%!
Here's the deal: users who store PYUSD in their PayPal or Venmo wallets will be eligible for this rewards program, launching this summer. Best part? This yield accrues daily and gets credited monthly, letting you grow your balance with minimal effort.
Think of it like earning interest on your bank savings account, but juicier! You can use these rewards for various purposes such as sending them to other users, funding international transfers, exchanging them for fiat currency, converting them to other cryptos, or making purchases from merchants via PayPal Checkout.
Wondering about the stability of this bad boy? Don't sweat it. The stablecoin is backed by good old U.S. dollar deposits and cash equivalents, issued by Paxos Trust Co. [1][2][3]
Just a heads up, this rewards program is currently limited to U.S. users (with the exception of New York State at launch). Both PayPal and Venmo consumer accounts can join in, but unfortunately, Teen Accounts and Business Profile users are out of luck. PayPal also reserves the right to tweak the rewards rate based on market conditions. [3]
In other exciting news, PayPal is beefing up its partnership with Coinbase to provide broader access to PYUSD, letting Coinbase’s customers and institutional users enjoy the perks across various platforms. [4]
So there you have it! PayPal's plan to offer a competitive 3.7% yield on PYUSD aims to attract more users by offering tangible financial incentives while providing a versatile use of rewards within its ecosystem and beyond. [1][2][3][5]
Stay tuned for more updates on the world of finance, including bitcoin, ethereum, crypto, and web 3, right here at The Daily Hodl. Don't forget to subscribe and join us on X, Facebook, and Telegram for the freshest news in the crypto sphere!
[1] The Daily Hodl
[2] Bloomberg
[3] PayPal
[4] Coinbase
[5] Paxos Trust Co.
- The venture of PayPal offering a yield of 3.7% on their stablecoin, PayPal USD (PYUSD), is creating a buzz in the crypto world, particularly for users who store PYUSD in their PayPal or Venmo wallets.
- This rewards program, launching this summer, allows users to accrue daily interest that gets credited monthly, promoting a minimal-effort approach to growing one's balance.
- The versatility of these rewards can be utilized for various purposes, such as sending them to other users, funding international transfers, exchanging them for fiat currency, converting them to other altcoins, or making purchases from merchants via PayPal Checkout.
- The stability of PYUSD is ensured, as it is backed by U.S. dollar deposits and cash equivalents, issued by Paxos Trust Co.
- Although currently limited to U.S. users (excluding New York State at launch), PayPal's strategic partnership with Coinbase could broaden the access to PYUSD, allowing Coinbase’s customers and institutional users to enjoy the perks across various platforms.
- As the realms of finance and technology continue to evolve, keeping track of stories about bitcoin, ethereum, crypto, and web 3 through sources like The Daily Hodl is crucial for those interested in personal-finance and investing in the ever-growing digital assets sphere.
