PayPal plans to offer users a 3.7% return if they hold the company’s PYUSD stablecoin in their PayPal or Venmo wallets, according to a Bloomberg report based on an interview with the company. The company plans to roll out the offering this summer in the United States.
Rewards will accrue daily and be paid out monthly, with the goal of encouraging adoption of the stablecoin on the PayPal network.
Currently holders of the USDC stablecoin on Coinbase can earn 4.1% rewards in the United States. Coinbase had a half ownership stake in USDC, until transferring it to Circle. But it still earns more interest on the stablecoin’s assets than Circle, according to Circle’s IPO filing.
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