Fireblocks, a provider of blockchain infrastructure, has announced a $1 million grant program with Paxos, aimed to foster broader use of paypal usd (PYUSD).
Fireblocks Launches $1M Grant Program to Promote Paypal’s PYUSD Adoption
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Fireblocks Launches $1M Grant Progam With Paxos
Following what the firm describes as a “successful pilot,” the initiative seeks to encourage businesses to develop PYUSD applications on Fireblocks’ platform. In a statement shared with Bitcoin.com News, the grant program, which was launched Oct. 24, 2024, is reportedly aimed at companies creating products with paypal usd (PYUSD), a stablecoin issued by Paypal. Under the program’s terms, qualified businesses stand to receive up to $60,000 in grants to develop blockchain products.
Fireblocks has cited a pilot with Korapay and Bridge to test PYUSD’s capabilities in digital payouts, portraying it as a promising use case for PYUSD in blockchain-powered payments. Fireblocks claims to handle $15 billion in stablecoin transactions each month, suggesting a rise in stablecoin interest within the digital payments sector. The initiative, the company states, is part of a wider plan by Fireblocks and Paxos to hasten PYUSD’s adoption, purportedly to meet the growing demand for stablecoins, which they assert are held by 124 million users globally.
The company emphasizes its aim to promote blockchain applications by offering wallet rebates, designed to encourage PYUSD holders to keep balances on the platform, which may, they believe, enhance PYUSD’s role in everyday transactions. Paxos and Fireblocks indicate a desire to extend PYUSD’s presence across retail and institutional markets, positioning stablecoins as transformative for global payment systems, primarily for their speed and lower transaction costs.
Fireblocks, which reports handling $6 trillion in digital assets, views the grant program as a strategic push to broaden this stablecoin’s reach across various sectors, building on previous successes in blockchain payments. “ Stablecoins have truly become the ‘killer app’ for crypto when it comes to payments,” Jose Fernandez da Ponte, the senior vice president of blockchain, cryptocurrency, and digital currencies at Paypal remarked. “PYUSD adds an element of trust into the transaction.”
