PayPal plans to promote the use of stablecoin PYUSD by providing 3.7% balance interest

PANews reported on April 23 that according to Bloomberg, PayPal announced that it will launch a stablecoin PYUSD holding reward program this summer. US users can receive an annualized return of 3.7% (accumulative daily and monthly payment) through PayPal and Venmo wallets. The proceeds are paid in PYUSD and can be exchanged for fiat currency, sent to other users, used for international transfers or when shopping at PayPal Checkout. The head of PayPal's blockchain business said the move aims to increase PYUSD's usage rate in its payment network, and the company regards stablecoins as the core component of the "next generation payment infrastructure."