Anchorage Digital, a federally chartered cryptocurrency bank, has added support for rewards for holders of the stablecoin PayPal USD (PYUSD).
PYUSD holders can store their tokens with Anchorage Digital or earn rewards through their Porto wallet.
Anchorage Digital has introduced a stablecoin rewards program that allows holders of the PayPal USD (PYUSD) stablecoin to earn rewards.
The program will benefit customers who store PYUSD with Crypto Bank or who use the platform's new institutional self-custodial wallet, Porto.
Anchorage Digital announced the feature in a blog post. Published August 22nd.
“Cryptocurrency innovators want to leverage their treasury funds but can't compromise on the security or accessibility of their assets. That's why Anchorage Digital is proud to partner with PayPal, a publicly traded company with a proven track record of cryptocurrency innovation, to launch Anchorage Digital's stablecoin rewards program featuring PYUSD,” said Nathan McCauley, CEO and co-founder of Anchorage Digital.
The Anchorage Digital CEO added that the platform will work with protocols, foundations, venture capital firms and startups to support and unlock access to the PYUSD rewards program.
“Anchorage Digital and PayPal have a shared vision to maximize the value of institutional digital assets and provide secure and efficient payment solutions that expand the utility and benefits of PYUSD for our institutional clients,” added José Fernández da Ponte, senior vice president and general manager of blockchain, crypto and digital currencies at PayPal.
Solana, ZKsync support
PayPal USD is a 1:1 US Dollar pegged stablecoin launched in 2023. Paxos Trust Company, regulated in the United States, issues the PYUSD token, which is fully backed by US Dollar deposits, US Treasury securities, and similar cash equivalents. PayPal allows the buying and selling of the stablecoin on its platform.
Anchorage Digital recently Added Custody support for the zero-knowledge cryptocurrency ZKsync.
Federally-chartered cryptocurrency bank Announced It launched support for Solana (SOL) and SPL tokens in early August, and according to details shared at the time, the expansion to Solana will allow institutions to securely store SO and SPL tokens.
PayPal USD was launched on Solana in May 2024.
