Anchorage Digital, a crypto custodian and an infrastructure provider, has launched an incentive program for PYUSD holders who custody their stablecoins with the firm.
A crypto custodian, Anchorage Digital, has started a rewards program for PYUSD holders. This initiative aims to incentivize the PayPal stablecoin holders to custody their holdings with the firm. It announced the program with a press release and shared the details regarding it. PayPal stablecoin holders would have to either custody their coins with the firm directly or with their institutional self-custody wallet.
A unique feature of this program is that no staking, lending, or rehypothecation is necessary. The stablecoins would be completely accessible on-chain for deployment.
The press release quoted the CEO and Co-Founder of the firm, who said, “Crypto innovators want to put their treasury cash to work but cannot compromise on asset security or accessibility. That’s why Anchorage Digital is proud to work with PayPal, a publicly-traded company with a proven track record in crypto innovation, to launch Anchorage Digital’s stablecoin rewards program featuring PYUSD.”
A representative from PayPal also underlined the benefits of this collaboration. Meanwhile, this partnership will yield a slew of advantages for users. The press release listed the entire list of rewards and benefits.
The PayPal stablecoin debuted last year, but the company has been active in several other crypto initiatives. It has launched incentives for Bitcoin miners who take part in ‘green mining’. Similarly, it has also expanded its trademark crypto solution to Europe. Its bullishness on crypto marks the wide potential of the underlying technology in the payments industry.
Stablecoins, with their price stability, provide greater predictability and certainty for investors and businesses. As a result, it makes them more attractive for transactions and investments.
Enjoyed reading this piece? Then why don’t you explore Millionero’s blog? We regularly list the latest crypto updates in our blog through articles and news reports!