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Anchorage Digital, a number one institutional-grade crypto platform, has launched a reward program for institutional traders holding PYUSD on its platform or in its self-custody pockets Porto, in accordance with an Aug. 22 assertion.
The corporate introduced that establishments utilizing its companies or Porto can now earn “aggressive rewards” on their PYUSD holdings. Not like different reward applications that contain rehypothecation, staking, or lending, Anchorage Digital’s program permits individuals to earn rewards whereas protecting their belongings totally accessible and segregated of their accounts for fast deployment.
The announcement hinted that whereas this system presently helps PYUSD, different stablecoins may be included sooner or later.
Anchorage Digital CEO Nathan McCauley acknowledged that this system aligns with crypto innovators’ want to generate returns on their treasury belongings with out compromising safety or accessibility. He added:
“Anchorage Digital seems ahead to working with crypto innovators — together with protocols, foundations, VCs, and startups — to unlock the following section of development by supporting entry to our stablecoin rewards program.”
PayPal’s Basic Supervisor of Blockchain, Crypto, and Digital Foreign money additionally commented that the initiative will broaden PYUSD’s utility and profit institutional customers.
$1 billion milestone
The partnership comes as PayPal’s PYUSD is approaching a $1 billion market cap, pushed by the robust adoption of the stablecoin on the Solana community.
PYUSD’s provide surged by round $400 million previously month, representing a 60% enhance. This development has positioned PYUSD because the fastest-rising stablecoin, reaching $960 million as of press time, in accordance with information from CryptoSlate.
DeFillama information additional confirmed that the majority PYUSD is on the Solana blockchain, with $590 million on Solana in comparison with about $366 million on Ethereum.
Market observers have linked PYUSD’s success on Solana to the excessive yields supplied by Solana-based DeFi protocols comparable to Drift. This platform offers customers with substantial rewards, providing practically 20% annual returns for many who deposit the stablecoin.
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