Fireblocks on Thursday announced a $1 million grant program aimed at increasing adoption of PayPal USD PYUSD/USD, a stablecoin issued by Paxos.
What Happened: The program follows a successful pilot and aims to encourage companies to leverage PYUSD to create blockchain-based products, with eligible projects eligible for up to $60,000 subsidies will be provided.
The initiative aims to foster innovation in the stablecoin space, especially as demand for decentralized finance (DeFi) solutions continues to grow.
Fireblocks facilitates the transfer of $15 billion in stablecoins every month, positioning PYUSD as a key player in the rapidly evolving world of digital assets and payments.
“Stablecoins have become the ‘killer app’ for crypto payments,” said José Fernández da Ponte, senior vice president of blockchain, cryptocurrencies and digital currencies at PayPal.
“PYUSD brings an element of trust to these transactions.”
This grant program is an effort to further encourage the use of stablecoins in everyday transactions and highlights the growing importance of PYUSD in both institutional and retail contexts.
This grant program follows two successful customer pilots, KoraPay and Bridge, that used PYUSD for digital payments to individuals and demonstrated the potential for stablecoins to be used in innovative ways. Ta.
Fireblocks hopes that by releasing this initiative more broadly, it will encourage more companies to consider similar solutions. “We look forward to seeing enterprises create real-world use cases that leverage what stablecoins can offer,” said Ran Goldi, SVP of Payments and Networks at Fireblocks.
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Why it matters: Fireblocks’ move to deepen its focus on stablecoin applications mirrors the strategies of other major companies in the digital asset space.
For example, Injective Labs CEO Eric Chen highlighted the growing role that stablecoins are playing in bridging the gap between traditional finance (TradFi) and DeFi.
In an interview with Benzinga, Chen highlighted the potential of stablecoins to revolutionize cross-border payments and liquidity in financial markets.
This effort also aligns with PayPal’s broader stablecoin strategy, which saw the launch of PYUSD on the Ethereum ETH/USD blockchain in August and subsequent expansion to Solana’s SOL/USD network.
Solana’s high transaction speeds and low fees make it an attractive option for PayPal, which is looking to expand the use of PYUSD beyond cryptocurrency exchanges and into retail payments, especially in emerging markets such as Southeast Asia and Latin America. .
While PYUSD has gained momentum since its launch, PayPal PYPL faces similar challenges.
Earlier this year, the company suspended its stablecoin efforts following regulatory scrutiny and received a subpoena from the U.S. Securities and Exchange Commission (SEC).
What’s next: These developments, along with the growing influence of stablecoins like PYUSD, are likely to be the focus of discussion at Benzinga’s Future of Digital Assets event on November 19th. , where industry leaders explore how stablecoins are shaping the future of payments and payments. DeFi.
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