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PayPal plans to promote the use of the stablecoin PYUSD by offering a 3.7% balance Interest.
PANews news on April 23, according to Bloomberg, PayPal announced that it will launch a stablecoin PYUSD holding reward program this summer, and American users can earn 3.7% annualized income (daily accumulation, monthly distribution) by holding PYUSD through PayPal and Venmo wallets. Proceeds are issued in the form of PYUSD and can be exchanged for fiat currency, sent to other users, used for international transfers, or used when shopping with PayPal Checkout. PayPal’s head of blockchain business said the move is aimed at increasing the use of PYUSD in its payment network, and the company sees stablecoins as a core component of “next-generation payment infrastructure.”