PayPal to offer 3.7% yield on stablecoin balances: Report
PayPal will offer a 3.7% yield on PYUSD to boost usage, with monthly rewards paid in the stablecoin, according to a Bloomberg report.
Payments behemoth PayPal plans to offer a 3.7% yield on balances held in its PayPal USD stablecoin.
According to an April 23 Bloomberg report, a PayPal representative said that the measure aims to encourage more usage of the firm’s stablecoin. The program is expected to launch this summer, and the rewards will also be paid out in PayPal USD (PYUSD).
Users will be able to exchange PYUSD for fiat currency, spend it or send it to other users. The rewards will accrue daily and will be paid on a monthly basis. The company hopes this feature will lead to a higher predominance of stablecoin and crypto payments on its platform.
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