Yesterday, the launch of a grant program aimed at increasing adoption of Paypal’s stablecoin PYUSD was announced.
The program was launched by Fireblocks and Paxos and includes grants of up to $60,000 and wallet fee refunds.
Fireblocks offers $1 million grant to promote $PYUSD Adopted! Build with 💥 @paypal Earn grants of up to $60,000 in USD and receive rebates on wallet fees. Whether it’s shaping the future of payments or creating real-world use cases, this is your chance to drive innovation. Learn more→… pic.twitter.com/TfKySQO3lE
— Fireblocks (@FireblocksHQ) October 24, 2024
Fireblocks integrates PayPal’s stablecoin PYUSD
Fireblocks integrated PayPal’s stablecoin last September.
Thanks to this integration, you will be able to use PYUSD in your wallet and Fireblocks network.
Fireblocks is a platform designed to be easy to use for creating new blockchain-based products and using digital assets to manage your daily operations.
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 with digital assets.
The platform already serves thousands of organizations in the finance, payments, and Web3 sectors, and payment companies on the Fireblocks network generate approximately $15 billion in stablecoin transactions per month on the network.
PYUSD: Get PayPal Stablecoin
PYUSD is a token on Ethereum created in 2023.
This is an official project by PayPal, where the famous American company has introduced its own stablecoin to the crypto market.
Later, PYUSD was also launched on Solana.
Technically, the tokens are issued by Paxos Trust Company and are fully collateralized with US dollars (USD) or equivalent.
Paxos and PayPal are committed to ensuring public reporting on the stablecoin’s dollar reserves, with Paxos self-reporting the composition of its reserve asset portfolio on a monthly basis.
PYUSD can be used in regions where the PayPal app’s crypto functionality is already enabled and on a variety of exchanges, both centralized and decentralized.
grant program
Paxos itself has teamed up with Fireblocks to launch a $1 million grant program aimed at accelerating the adoption of PYUSD globally.
The program not only provides grants of up to $60,000 to companies that use PYUSD to create real-world blockchain solutions, but also provides transaction fee refunds to companies that hold PYUSD on Fireblocks.
Pilot projects are already being tested in this space with companies such as Bridge and KoraPay, creating use cases such as digital payments to individuals.
In fact, PayPal’s stablecoin integration allows developers to combine stablecoin payments with the security of Fireblock to create end-to-end blockchain payment applications.
PYUSD market capitalization
Initially last August, PYUSD existed in the crypto market with a very low capitalization of less than $45 million.
Consider that as of today, even the failed project BUSD still has a high market cap.
However, starting in October 2023, the market capitalization of PayPal’s stablecoin began to rise, perhaps thanks in part to the most recent bull run, which peaked at over $300 million.
It briefly retreated to 200 million, but growth resumed in May of this year.
At this point, it peaked in August and rose to over $1 billion at one point, but the rise was so fast that it was followed by a correction of sorts.
Currently, PYUSD has a capitalization of approximately $630 million, ranking 8th overall among the highest-capitalized stablecoins pegged to the US dollar.
However, 648 million Frax is a very close number, as is USDD’s 756, and has already proven that PayPal’s stablecoin has the potential to rise even beyond the $1 billion market cap. Given that, it could soon aim to become the 6th largest stablecoin in the world.
