PayPal to woo crypto users with 3.7% return on PYUSD balances
Payment giant PayPal is rolling out a 3.7% yield on its dollar-backed stablecoin to attract users amid growing competition in the market.
PayPal will soon let users in the United States earn 3.7% annually on their PYUSD (PYUSD) stablecoin holdings in an effort to grow adoption of the token, Bloomberg reports. The rewards program is expected to launch this summer and will be available to both PayPal and Venmo users.
Per the report, users will receive the rewards in PYUSD, which can be converted into U.S. dollars, sent to other users, or for international transfers. Although the rewards will accrue daily, they will still be paid on a monthly basis.
Jose Fernandez da Ponte, PayPal’s senior vice president and…
