Anchorage Digital Unveils Stablecoin Rewards Program for Institutional Clients Who Custody PayPal USD (PYUSD)

This marks the first time Anchorage Digital has offered such a program, which applies exclusively to clients who custody PYUSD.

Anchorage Digital has announced a new rewards program for institutional clients who custody PayPal USD stablecoins (PYUSD) through its platform. This initiative, unveiled on August 22, allows participants to earn rewards by holding PYUSD with Anchorage Digital or through its self-custody wallet called Porto.

Anchorage Digital Offers Rewards for Institutional PYUSD Custody

This marks the first time Anchorage Digital has offered such a program, which applies exclusively to clients who custody PYUSD. The announcement emphasized that these stablecoins remain fully accessible and segregated on-chain in participants’ accounts, allowing for swift deployment whenever needed. Unlike some other programs, this initiative offers rewards without involving activities like rehypothecation, staking, or lending.

Introduced in 2023, PayPal’s USD stablecoin (PYUSD) is fully backed by US dollars in a 1:1 ratio and is issued by the Paxos Trust Company, a US-regulated crypto custodian. PYUSD competes with other stablecoins such as USD Coin (USDC) from Circle Internet Financial. Stablecoins like PYUSD offer various advantages over traditional fiat currencies, including programmability, ease of transfer, and self-custody, making them particularly appealing for global remittances.

PayPal’s PYUSD is an ERC-20 token built on the Ethereum blockchain. According to PayPal’s February announcement, this stablecoin will be available to a growing network of external developers, wallets, and web3 applications. The widespread availability of PYUSD among the Ethereum community further underscores its appeal.

Coinbase, another prominent name in the institutional crypto custody space, also offers incentives to users holding stablecoins on its platform. Specifically, it provides an annual percentage yield (APY) of approximately 5.2% for USDC holdings. Coinbase holds an equity stake in Circle, further aligning its interests with the stablecoin issuer.

Anchorage Digital, a regulated digital asset custodian catering to institutional clients, introduced Porto in February. This self-custody solution is tailored for users such as venture capital funds and sovereign wealth funds. Porto’s launch reflects a growing demand for secure and accessible self-custody options within the institutional investment community.

Today, @Anchorage Digital is pleased to introduce stablecoin rewards on @PayPal’s PYUSD.

Earn competitive rewards on PYUSD balances in our secure custody or in our institutional self-custody wallet, Porto.

Learn more ⬇️:https://t.co/LtcmXRgnCh pic.twitter.com/0ZyoJSvAkp

— Anchorage Digital (@Anchorage) August 22, 2024

The Growth of Regulated Digital Asset Custodians in the U.S.

The number of regulated digital asset custodians in the United States is steadily increasing. In August, there is a report that Fireblocks, known for its self-custodied treasury management services, received approval from New York’s financial regulator to custody assets for US clients. Other key players in the space, including Coinbase Custody Trust, Fidelity Digital Asset Services, and PayPal Digital, are similarly licensed to provide crypto custody services.

Nathan McCauley, CEO of Anchorage Digital, highlighted the importance of this development in a statement. He noted that while crypto innovators are seeking ways to optimize their treasury cash, they are unwilling to compromise on either the security or the accessibility of their assets. McCauley emphasized that Anchorage Digital’s offerings are designed to meet these exacting standards, allowing clients to put their capital to work without sacrificing security.

Anchorage Digital’s move into offering stablecoin yields aligns it with other institutional crypto custodians, such as Coinbase, that offer competing rewards programs. As the crypto custody landscape continues to evolve, Anchorage Digital’s PYUSD program represents a new option for institutional investors looking to balance the need for both security and yield in the digital asset space.

Pepe Unchained – The Next Step in Layer 2 Innovation and Memecoin Evolution

En juin 2024, Pepe Unchained est devenu un projet notable dans le domaine de la cryptographie, exploitant la technologie avancée de mise à l'échelle de couche 2 pour repousser les limites de l'efficacité de la blockchain. Conçue pour dépasser les systèmes traditionnels basés sur Ethereum, la solution Layer 2 de Pepe Unchained offre des vitesses de transaction améliorées, estimées jusqu'à 100 fois plus rapides que celles d'Ethereum. Cette amélioration réduit considérablement les problèmes de frais de transaction élevés et de congestion du réseau, deux défis persistants dans l’écosystème Ethereum. Notamment, l’adoption par Pepe Unchained de la technologie Layer 2 n’est qu’une partie de son attrait : son lien thématique avec le mème populaire de Pepe, qui a récemment atteint un niveau record en termes de pertinence culturelle, ajoute un attrait unique pour les investisseurs.

Une caractéristique clé de Pepe Unchained est l'accent mis sur l'expérience utilisateur et l'efficacité opérationnelle. Le projet promet une finalité quasi instantanée des transactions, ce qui permet aux traders d'exécuter des stratégies de marché sans délai, réduisant ainsi le risque d'opportunités manquées ou d'ordres échoués. Pour améliorer encore la transparence, Pepe Unchained a également introduit un explorateur de blocs dédié, permettant aux utilisateurs de surveiller facilement les transactions.

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