Price: $0.38674 5.8768%
Market Cap: 56.77B 1.9067%
Volume (24h): 23.87B 0.4%
Dominance: 1.9067%
Price: $0.38674 5.8768%
Market Cap: 56.77B 1.9067%
Volume (24h): 23.87B 0.4%
Dominance: 1.9067% 1.9067%
  • Price: $0.38674 5.8768%
  • Market Cap: 56.77B 1.9067%
  • Volume (24h): 23.87B 0.4%
  • Dominance: 1.9067% 1.9067%
  • Price: $0.38674 5.8768%
Home > Information news > Anchorage Digital Introduces PayPal Stablecoin Yield Program for Institutional Clients

Anchorage Digital Introduces PayPal Stablecoin Yield Program for Institutional Clients

Release: 2024/08/24 13:05 Reading: 671

Original author:Inside Bitcoins

Original source:https://coinmarketcap.com/community/articles/66c95e3e62bb54328a87c6ae

Anchorage Digital Introduces PayPal Stablecoin Yield Program for Institutional Clients

Anchorage Digital Launches Rewards Program for PYUSD Custody

Anchorage Digital has announced a new incentive program specifically for institutional clients who hold PayPal USD stablecoins (PYUSD) on its platform. Announced on August 22, this program allows participants to earn rewards by holding PYUSD with Anchorage Digital or through its self-custody wallet, Porto.

This is the first rewards program offered by Anchorage Digital that exclusively applies to clients holding PYUSD. The announcement emphasizes that these stablecoins remain fully accessible and segregated on-chain in participants' accounts, allowing for swift deployment when needed. Unlike some other programs, this initiative offers rewards without involving activities like rehypothecation, staking, or lending.

PayPal's Stablecoin: PYUSD

Launched in 2023, PayPal's USD stablecoin (PYUSD) is fully backed by US dollars in a 1:1 ratio and is issued by Paxos Trust Company, a US-regulated crypto custodian. PYUSD competes with other stablecoins such as USD Coin (USDC) from Circle Internet Financial. Stablecoins like PYUSD offer advantages over traditional fiat currencies, including programmability, ease of transfer, and self-custody, making them particularly suitable for global remittances.

Self-Custody Solution

Also in February, Anchorage Digital introduced Porto, a self-custody solution tailored for institutional investors. Porto's launch reflects the growing demand for secure and accessible self-custody options within the institutional investment community.

Growth of Regulated Digital Asset Custodians in the U.S.

The number of regulated digital asset custodians in the United States is steadily increasing. In August, Fireblocks received approval from New York's financial regulator to custody assets for US clients. Other key players in the space, including Coinbase Custody Trust, Fidelity Digital Asset Services, and PayPal Digital, are similarly licensed to provide crypto custody services.

Anchorage Digital's Alignment with Industry

Anchorage Digital's move into offering stablecoin rewards aligns it with other institutional crypto custodians, such as Coinbase, that offer competing rewards programs. As the crypto custody landscape evolves, Anchorage Digital's PYUSD program represents a new option for institutional investors seeking a balance between security and yield in the digital asset space.

Related News

  • PayPal Unveils PYUSD Launch on Solana Network
  • PayPal Debuts USD Stablecoin with Giveaway
  • PayPal's Introduction to the Stablecoin Landscape: PYUSD
  • PayPal Hit By SEC Subpoena Over Its PYUSD Stablecoin

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