PayPal: one million dollars for the adoption of the stablecoin PYUSD

Yesterday, the launch of a grant program aimed at increasing the adoption of PYUSD, Paypal’s stablecoin, was announced. 

The program was launched by Fireblocks and Paxos, and includes rewards up to $60,000 in grants, and reimbursements on wallet fees. 

Fireblocks integrates PayPal’s stablecoin PYUSD

Fireblocks integrated PayPal’s stablecoin in September of last year.

Thanks to this integration, it is possible to use PYUSD on the wallets and the Fireblocks network.

Fireblocks is a platform designed to be easy to use for creating new blockchain-based products and for managing daily operations with digital assets. 

Thanks to Fireblocks Network and MPC-based Wallet Infrastructure, exchanges, banks, PSPs, lending desks, custodians, trading desks, and hedge funds can securely scale their operations in digital assets. 

This platform already serves thousands of organizations in the financial, payments, and web3 sectors, so much so that payment companies on the Fireblocks network generate monthly volumes of about 15 billion dollars in transactions in stablecoin on their network.

PYUSD: l’esordio della stablecoin di PayPal 

PYUSD is a token on Ethereum created in 2023.

This is an official project by PayPal with which the well-known American company has introduced its own stablecoin to the crypto markets.

Subsequently, PYUSD was also launched on Solana. 

Technically, the token is issued by Paxos Trust Company and is fully collateralized in United States dollars (USD) or equivalents. 

Paxos and PayPal are committed to ensuring the public availability of reports on the dollar reserves of this stablecoin, with Paxos self-reporting monthly the composition of the reserve asset portfolio.

PYUSD can be used on the PayPal app, in areas where its crypto features have already been enabled, and on various exchanges, both centralized and decentralized.

The grant program 

Paxos itself, together with Fireblocks, have launched a grant program of one million dollars aimed at accelerating the adoption of PYUSD in the world. 

This program provides up to $60,000 in grants for companies that create real blockchain solutions with PYUSD, but also transaction fee reimbursements for companies that hold PYUSD on Fireblocks.

In this field, a pilot project has already been tested, with companies like Bridge and KoraPay that has produced use cases such as digital payments to individuals.

The integration of PayPal’s stablecoin indeed allows developers to combine stablecoin payments with the security of Fireblocks, to create end-to-end blockchain payment applications. 

The market capitalization of PYUSD

Initially, in August of last year, PYUSD was present in the crypto markets with a very low capitalization, below 45 million dollars. 

Just think that as of today even the failed project BUSD still has a higher market capitalization. 

Starting from October 2023, however, the capitalization of PayPal’s stablecoin began to rise, probably also thanks to the latest bullrun, reaching the peak of the bullrun above 300 million dollars. 

After a brief period of retreat to 200 million, in May of this year the growth resumed. 

The peak, for now, was reached in August, when it rose for a brief moment even above a billion dollars, but this rise was so fast that it was followed by a sort of correction. 

Currently, PYUSD capitalizes approximately 630 million dollars, which places it in the eighth overall position among the most capitalized stablecoins pegged to the US dollar. 

However, the 648 million Frax are very close, as are the 756 of USDD, and given that PayPal’s stablecoin has already proven capable of rising even above a billion dollars in capitalization, it could soon aspire to become the sixth largest stablecoin in the world.