PayPal Aims To Boost Stablecoin Use By Offering 3.7% on Balances
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PayPal Holdings Inc. plans to offer rewards to its users on their holdings of its stablecoin, in a bid to encourage more usage of the digital token in an increasingly competitive market.
Through the program, which is expected to launch this summer, PayPal and Venmo users in the US will be able to earn 3.7% annually on PayPal USD (PYUSD) holdings in their wallets, the company said on Wednesday. Users will receive the rewards in PYUSD, which they will be able to exchange for fiat currency, send to other users, fund international transfers or utilize for purchases with PayPal Checkout, the company said.