PayPal And Anchorage Digital Launch The Prize Program For PYUSD Stablecoins

PayPal and Anchorage Digital launched a prize program for Stablecoin PYUSD (Photo; Doc. Globe.co)

JAKARTA - PayPal has partnered with Anchorage Digital to launch a gift program for users holding a PayPal USD (PYUSD) stablecoin. This program is intended for clients who use the Anchorage service or self-custody Porto institutional wallet to store their PYUSD balance.

This program offers participants the opportunity to get rewards without the need to go through processes such as rehypothecation, staking, or lending, which often involve additional risks. According to an announcement from Anchorage Digital, PYUSD remains fully accessible and separated in participant accounts on blockchain, allowing fast liquidity.

According to Crypto News information, PYUSD, introduced by PayPal in 2023, is an ERC-20 token built on the Ethereum blockchain and supported 1:1 by the US dollar. The stablecoin was published by Paxos Trust Company, a regularized crypto asset guard in the United States. PYUSD is designed to compete with other dollar stablecoins, such as USD Coin (USDC) from Circle Internet Financial.

One of the advantages of PYUSD is its ability to integrate with various external developers, wallets, and web3 applications, which increase its utility in the digital economy. Stablecoins like PYUSD are increasingly in demand in global financial transactions because of their ease of transfer, self-custody options, and their ability to be programmed according to user needs.

On the other hand, PYUSD also recorded significant growth in the Solana blockchain, which has surpassed its supply count in Ethereum. This growth was driven by the integration of PYUSD into decentralized exchanges such as Jupiter and Orca, which added PYUSD into their liquidity pools.

Solana offers several additional features for PYUSD, including confidential transfers that increase user privacy while maintaining transparency for regulatory purposes. The SPL token standard in Solana also offers flexibility and capability that is ready to be used by the company, which can be easily integrated.

This partnership between PayPal and Anchorage Digital reflects the increasingly important role of stablecoins in the digital financial ecosystem, especially in supporting innovation and providing added value for users who seek security and convenience in managing their digital assets.