PayPal to woo crypto users with 3.7% return on PYUSD balances

The PayPal payment giant deploys a yield of 3.7% on its stable -coin in dollars to attract users in the middle of growing market on the market.

Paypal Allow users in the United States soon to win 3.7% per year on their Pyusd (Pyusd) Stablecoin Holdings in an effort to increase the adoption of the token, Bloomberg reports. The award program is expected to be launched this summer and will be available for Paypal and Veno users.

According to the report, users will receive the awards in Pyusd, which can be converted into US dollars, sent to other users or for international transfers. Although the awards will accumulate daily, they will always be paid on a monthly basis.

Jose Fernandez da Ponte, main vice-president of Paypal and managing director of blockchain, crypto and digital currencies, told Bloomberg stable as “building the next generation of payment rails”.

PayPal launched Pyusd in 2023 via a partnership with Paxos Trust Co. From press time, these are the eight stablescoin by market capitalization, seated at around $ 873 million, far behind the Tether USDT with $ 145 billion or USDC of Circle with $ 61.7 billion, according to Coinstrokecko.

For Paypal, the launch of this latest feature comes when competition in the sector warms up, Robinhood and revolut also explores stables and businesses like Fidelity and Stripe moving in space. According to DA Ponte, the new Pyusd awards will not be linked to the rates of the American federal reserve and will not be funded solely by the interest that the company generates on its reserves.