PayPal’s Stablecoin Receives $1M Grant Program, Senior VP Sees Stablecoins As ‘Killer App’ For Crypto Payments
Fireblocks on Thursday announced a $1 million grant program aimed at accelerating the adoption of PayPal USD (CRYPTO: PYUSD), a stablecoin issued by Paxos.
What Happened: The program, which follows a successful pilot, seeks to incentivize businesses to create blockchain-based products utilizing PYUSD, with grants of up to $60,000 available for eligible projects.
The initiative is designed to encourage innovation in the stablecoin sector, particularly as the demand for decentralized finance (DeFi) solutions continues to rise.
Fireblocks, which facilitates the transfer of $15 billion in stablecoins every month, is 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 Jose Fernandez da Ponte, Senior Vice President of blockchain, cryptocurrency, and digital currencies at PayPal.
“PYUSD brings an element of trust into these transactions.”
The grant program is an effort to further drive the use of stablecoins in …
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