PayPal to Offer 3.7% Annual Yield on PYUSD Stablecoin
PayPal will offer U.S. users 3.7% annual returns on balances of its stablecoin, PayPal USD (PYUSD), starting this summer. Key details include:
- Yield accrued daily and paid monthly in PYUSD
- Program aims to enhance adoption and compete in the stablecoin market
- Users can earn rewards while holding PYUSD in PayPal and Venmo wallets
- PYUSD can be used for purchases via PayPal Checkout, transferred, or converted to traditional dollars
- Current market share of PYUSD is approximately $868 million, compared to Tether’s $143 billion USDT
- Part of PayPal's broader cryptocurrency strategy; recently added Chainlink and Solana to its offerings
Jose Fernandez da Ponte, PayPal’s head of blockchain and digital currencies, emphasized the goal of creating efficient payment systems.