The program will benefit customers who custody their PYUSD at the crypto bank, or use the platform's new institutional self-custody wallet Porto.
Cryptocurrency custodian Anchorage Digital has unveiled a new stablecoin rewards program that will allow holders of the PayPal USD (PYUSD) stablecoin to earn rewards.
The program will benefit customers who custody their PYUSD at the crypto bank, or use the platform’s new institutional self-custody wallet Porto. Anchorage Digital announced the feature in a blog post on Aug. 22.
“Crypto innovators want to put their treasury cash to work but cannot compromise on asset security or accessibility. That’s why Anchorage Digital is proud to work with PayPal, a publicly-traded company with a proven track record in crypto innovation to launch Anchorage Digital’s stablecoin rewards program featuring PYUSD,” said Nathan McCauley, chief executive officer and co-founder of Anchorage Digital.
The Anchorage Digital CEO added that the platform will collaborate with protocols, foundations, venture capital firms and startups to support and unlock access to the PYUSD rewards program.
“Anchorage Digital and PayPal share a common vision of providing secure and efficient payment solutions for institutions that maximize the value of their digital assets and expand PYUSD’s utility and benefits for institutional customers,” said Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto, and digital currencies at PayPal.
PayPal USD is a 1:1 US dollar-pegged stablecoin that launched in 2023. The Paxos Trust Company, regulated in the US, issues the PYUSD token that’s fully backed by USD deposits, US Treasuries as well as similar cash equivalents. PayPal allows the purchase and sale of the stablecoin on its platform.
Related: Anchorage Digital now supports Solana, enabling institutional custody of SOL, SPL tokensAnchorage Digital recently added custody support for zero-knowledge cryptocurrency ZKsync.
The federally chartered crypto bank also announced support for Solana (SOL) and SPL tokens in early August. According to details shared at the time, the expansion to Solana will enable institutions to securely custody SOL and SPL tokens.
PayPal USD went live on Solana in May 2024.
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