Fireblocks and Paxos Launch MillionDollar Grant Program to Accelerate Adoption of PayPals Stablecoin PYUSD
Blockchain security service provider Fireblocks has announced a partnership with stablecoin issuer Paxos to launch a $1 million grant program aimed at encouraging businesses to develop new products based on PayPal’s stablecoin PYUSD and expand its application.
Promoting the widespread use of PYUSD, grants up to $60,000
Before the grant program officially opens for applications, Fireblocks has already conducted pilot projects with digital payment solution provider KoraPay and blockchain application company Bridge, focusing on services like personal digital payments. They have also openly recruited businesses in collaboration with stablecoin issuer Paxos, planning to allow more grant applications. Companies looking to develop innovative products using PYUSD can receive grants of up to $60,000.
Incentives to support PYUSD adoption
In addition to the grants, Fireblocks has designed a wallet rewards program aimed at encouraging users to use PYUSD. Fireblocks stated that any company holding PYUSD on the Fireblocks platform will be eligible for reward incentives, intended to promote the widespread adoption of PYUSD.
Utilizing PYUSD for B2B payments, attempting to accelerate entry into the mainstream market
After payment giant PayPal partnered with stablecoin issuer Paxos to launch the USD stablecoin PYUSD last August, they also successfully transferred PYUSD to the account of accounting firm Ernst & Young LLP on Coinbase Prime through the digital currency platform of German enterprise software provider SAP on September 23 of this year. This marks PayPal’s “first” commercial payment completed with its proprietary stablecoin.
PayPal’s efforts to promote the application scenarios of its stablecoin through collaborations with exchanges like Coinbase and traditional enterprises relying on the SAP platform, along with Fireblocks and Paxos striving to increase PYUSD adoption through hackathons and other initiatives, demonstrate their determination to accelerate PYUSD’s entry into the mainstream market.
(PayPal successfully uses PYUSD stablecoin for instant commercial payments)
