Particle.news
Download on the App Store
7 ARTICLES
·
4d ago

PayPal Unveils 3.7% Yield on PYUSD in Push for Stablecoin Adoption

The yield program, launching this summer, aims to increase PYUSD usage through PayPal and Venmo wallets, while Coinbase waives fees to expand its utility.

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
PayPal's headquarters (Shutterstock)
Image
Image

Overview

  • PayPal will offer U.S. users a 3.7% annual yield on PYUSD balances, accrued daily and paid monthly in the stablecoin itself.
  • The program will be available in PayPal and Venmo wallets, with functionality for payments, transfers, and redemptions in traditional dollars.
  • Coinbase has waived fees on PYUSD transactions and introduced direct dollar redemption to encourage broader adoption of the stablecoin.
  • PYUSD, launched in 2023 and backed by U.S. Treasuries, currently holds less than 1% of the stablecoin market dominated by USDT and USDC.
  • PayPal and Coinbase plan to explore additional use cases for PYUSD in decentralized finance and global payment solutions.