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PayPal shakes up stablecoin market with 3.7% interest rewards on PYUSD – TON BOT

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PayPal shakes up stablecoin market with 3.7% interest rewards on PYUSD

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PayPal is launching a rewards program for US users holding its PYUSD stablecoin, offering up to 3.7% interest annually. The program will start this summer on both PayPal and Venmo platforms. PYUSD can be converted into fiat or other cryptocurrencies and used for purchases and transfers. PayPal aims to increase real-world usage of PYUSD by rewarding users for holding the asset. The stablecoin can be spent at supported merchants, sent to friends or family, used for remittances, and transferred using Ethereum or Solana wallets. PayPal’s President and CEO, Alex Chriss, sees PYUSD integrated into various financial activities and plans to expand its use cases. The stablecoin is the eighth-largest with a market valuation of $873 million and operates on Ethereum and Solana blockchains. PayPal’s move comes as competition in the stablecoin market grows, with companies like Robinhood exploring their stablecoin products. Legislative developments in the US Congress could further shape the stablecoin sector. Tether’s USDT remains the dominant stablecoin, followed by Circle’s USDC and USDS.

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