Anchorage Digital Introduces PayPal Stablecoin Yield Program for Institutional Clients

Anchorage
Digital
has
unveiled
a
new
rewards
program
specifically
for
institutional
clients
who
custody
PayPal
USD
stablecoins
(PYUSD)
through
its
platform.
Announced
on
August
22,
this
initiative
allows
participants
to
earn
rewards
by
holding
PYUSD
with
Anchorage
Digital
or
through
its
self-custody
wallet
called
Porto.

Institutional
Rewards
for
PYUSD
Custody
with
Anchorage
Digital

This
marks
the
first
time
Anchorage
Digital
has
offered
such
a
program,
which
applies
exclusively
to
clients
who
custody
PYUSD.
The
announcement
emphasized
that
these
stablecoins
remain
fully
accessible
and
segregated
on-chain
in
participants’
accounts,
allowing
for
swift
deployment
whenever
needed.
Unlike
some
other
programs,
this
initiative
offers
rewards
without
involving
activities
like
rehypothecation,
staking,
or
lending.

Introduced
in
2023,

PayPal’s
USD
stablecoin
(PYUSD)
is
fully
backed
by
US
dollars
in
a
1:1
ratio
and
is
issued
by
the
Paxos
Trust
Company,
a
US-regulated
crypto
custodian.
PYUSD
competes
with
other
stablecoins
such
as
USD
Coin
(USDC)
from
Circle
Internet
Financial.
Stablecoins
like
PYUSD
offer
various
advantages
over
traditional
fiat
currencies,
including
programmability,
ease
of
transfer,
and
self-custody,
making
them
particularly
appealing
for
global
remittances.

PayPal’s
PYUSD
is
an
ERC-20
token
built
on
the
Ethereum
blockchain.
According
to
PayPal’s
February
announcement,
this
stablecoin
will
be
available
to
a
growing
network
of
external
developers,
wallets,
and
web3
applications.
The
widespread
availability
of
PYUSD
among
the
Ethereum
community
further
underscores
its
appeal.

Coinbase,
another
prominent
name
in
the
institutional
crypto
custody
space,
also
offers
incentives
to
users
holding
stablecoins
on
its
platform.
Specifically,
it
provides
an
annual
percentage
yield
(APY)
of
approximately
5.2%
for
USDC
holdings.
Coinbase
holds
an
equity
stake
in
Circle,
further
aligning
its
interests
with
the
stablecoin
issuer.

Anchorage
Digital,
a
regulated
digital
asset
custodian
catering
to
institutional
clients,
introduced
Porto
in
February.
This
self-custody
solution
is
tailored
for
users
such
as
venture
capital
funds
and
sovereign
wealth
funds.
Porto’s
launch
reflects
a
growing
demand
for
secure
and
accessible
self-custody
options
within
the
institutional
investment
community.

Today,

@Anchorage
Digital
is
pleased
to
introduce
stablecoin
rewards
on

@PayPal’s
PYUSD.

Earn
competitive
rewards
on
PYUSD
balances
in
our
secure
custody
or
in
our
institutional
self-custody
wallet,
Porto.

Learn
more
⬇️:https://t.co/LtcmXRgnCh

pic.twitter.com/0ZyoJSvAkp

—
Anchorage
Digital
(@Anchorage)

August
22,
2024

The
Growth
of
Regulated
Digital
Asset
Custodians
in
the
U.S.

The
number
of
regulated
digital
asset
custodians
in
the
United
States
is
steadily
increasing.
In
August,
there
is
report
that
Fireblocks,
known
for
its
self-custodied
treasury
management
services,
received
approval
from
New
York’s
financial
regulator
to
custody
assets
for
US
clients.
Other
key
players
in
the
space,
including
Coinbase
Custody
Trust,
Fidelity
Digital
Asset
Services,
and
PayPal
Digital,
are
similarly
licensed
to
provide
crypto
custody
services.

Nathan
McCauley,
CEO
of
Anchorage
Digital,
highlighted
the
importance
of
this
development
in
a
statement.
He
noted
that
while
crypto
innovators
seek
ways
to
optimize
their
treasury
cash,
they
are
unwilling
to
compromise
on
either
the
security
or
the
accessibility
of
their
assets.
McCauley
emphasized
that
Anchorage
Digital’s
offerings
are
designed
to
meet
these
exacting
standards,
allowing
clients
to
put
their
capital
to
work
without
sacrificing
security.

Anchorage
Digital’s
move
into

offering
stablecoin
yields
aligns
it
with
other
institutional
crypto
custodians,
such
as
Coinbase,
that
offer
competing
rewards
programs.
As
the
crypto
custody
landscape
continues
to
evolve,
Anchorage
Digital’s
PYUSD
program
represents
a
new
option
for
institutional

investors
looking
to
balance
the
need
for
both
security
and
yield
in
the
digital
asset
space.

Pepe
Unchained
–
The
Next
Step
in
Layer
2
Innovation
and
Memecoin
Evolution

In
June
2024,
Pepe
Unchained
emerged
as
a
notable
project
in
the
crypto
space,
harnessing
advanced
Layer
2
scaling
technology
to
push
the
boundaries
of
blockchain
efficiency.
Designed
to
outperform
traditional
Ethereum-based
systems,
Pepe
Unchained’s
Layer
2
solution
offers
enhanced
transaction
speeds,
estimated
to
be
up
to
100
times
faster
than
those
on
Ethereum.
This
improvement
significantly
reduces
the
issues
of
high
transaction
fees
and
network
congestion,
two
persistent
challenges
in
the
Ethereum
ecosystem.
Notably,
Pepe
Unchained’s
adoption
of
Layer
2
technology
is
only
part
of
its
appeal—its
thematic
tie
to
the
popular
Pepe
meme,
which
recently
achieved
an
all-time
high
in
cultural
relevance,
adds
a
unique
draw
for
investors.

A
key
feature
of
Pepe
Unchained
is
its
focus
on
user
experience
and
operational
efficiency.
The
project
promises
near-instant
transaction
finality,
which
allows
traders
to
execute
market
strategies
without
delays,
reducing
the
risk
of
missed
opportunities
or
failed
orders.
To
further
enhance
transparency,
Pepe
Unchained
has
also
introduced
a
dedicated
block
explorer,
enabling
users
to
monitor
transactions
with
ease.

Rooted
in
its
meme
coin
origins,
Pepe
Unchained
presents
a
playful
yet
visionary
approach
to
the
crypto
space.

The
project
offers
a
presale
opportunity
with
a
particularly
attractive
staking
Annual
Percentage
Yield
(APY)
for
early
participants.
This
staking
incentive
not
only
encourages
early
adoption
but
also
signals
confidence
in
the
project’s
long-term
potential
and
growth
prospects.
The
presale
is
structured
in
a
tiered
format,
where

the
price
of
PEPU
tokens
starts
at
$0.008
and
is
set
to
increase
with
each
subsequent
stage,
offering
an
early
advantage
to
initial
investors.

The
excitement
surrounding
Pepe
Unchained
has
spread
widely
across
social
media
platforms
and
within
the
broader
crypto
community.
The
project
has
garnered
significant
attention
and
support,
further
establishing
itself
as
a
promising
investment
option.
Pepe
Unchained’s
seamless
bridging
capabilities
between
Ethereum
and
its
native
Pepe
Chain
add
another
layer
of
functionality
to
the
project,
opening
the
door
for
potential
cross-chain
interactions
and
increased
liquidity.
This
cross-chain
bridging
could
prove
essential
for
the
project’s
expansion
and
integration
into
other
blockchain
ecosystems,
making
it
a
versatile
player
in
the
growing
decentralized
finance
(DeFi)
space.

Overall,
the
innovative
features
of
Pepe
Unchained,
combined
with
its
strong
community
support
and
creative
meme-inspired
branding,
position
it
as
an
exciting
contender
in
the
world
of
Layer
2
crypto
projects.
By
addressing
the
long-standing
issues
of
transaction
speed
and
cost,
while
also
capitalizing
on
the
cultural
momentum
of
the
Pepe
meme,
Pepe
Unchained
has
established
itself
as
a
unique
and
potentially
lucrative
opportunity
for
early
investors.

Visit
Pepe
Unchained
Presale

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