Anchorage Digital, a leading digital asset custody and financial services provider, has announced the launch of a new rewards program for clients who custody PayPal USD (PYUSD) stablecoins with them. This marks a significant milestone for Anchorage Digital as it expands its offerings to include yield-bearing stablecoin custody.
Under the new program, clients will earn rewards on their PYUSD holdings without the need for rehypothecation, staking, or lending. This means that clients’ funds remain fully accessible and segregated in their accounts on-chain. Anchorage Digital’s institutional self-custody wallet, Porto, is also included in the program.
PYUSD, launched by PayPal in 2023, is a US dollar-backed stablecoin issued by Paxos Trust Company. It competes with other popular stablecoins like USD Coin (USDC) and Tether (USDT).
This latest development underscores Anchorage Digital’s commitment to providing innovative and secure custody solutions for its clients. By offering yield on PYUSD, the company is catering to the growing demand for stablecoin-based yield generation strategies.
