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PayPal to Offer Annual Percentage Rate of 3.7% on Stablecoin PYUSD - Aiming for Expansion | CoinDesk JAPAN
According to a report by Bloomberg, this yield is calculated on a daily basis and paid in PYUSD every month. The aim is to enhance the appeal of PYUSD and promote its adoption by differentiating it from competing stablecoins.
This program is scheduled to start this summer, and users can earn rewards by holding PYUSD in their PayPal and Venmo wallets. PYUSD can be used for payments through PayPal's checkout feature, as well as for transferring to other users and converting to USD.
Jose Fernandez da Ponte, the head of blockchain and digital currency at PayPal, stated, "We are in the middle of a 10-year plan." The goal is to build a new payment infrastructure that achieves cost reduction and speed improvement. Additionally, CEO Alex Chriss also mentioned that stablecoins have the potential to reshape the economics of the payment environment.
PYUSD was launched in 2023 and is issued by Paxos Trust, backed by reserve assets such as US Treasury securities. Despite PayPal's high brand recognition, data from RWA.xyz indicates that PYUSD's market share remains small, with a market capitalization of approximately $868 million (about 121.5 billion yen, based on an exchange rate of 140 yen to the dollar). In contrast, the market-leading Tether's (USDT) market capitalization has reached $143 billion (about 20.2 trillion yen).
This move is part of PayPal's expansion into the field of cryptocurrencies. PayPal is expanding the range of supported cryptocurrencies, adding Chainlink (LINK) and Solana (SOL) this month.
| Translation & Editing: Rina Hayashi | Image: Marques Thomas/Unsplash ｜Original Text: PayPal to Pay 3.7% Annual Percentage Rate on stablecoin PYUSD to Encourage Broader Use