PayPal and crypto custodian Anchorage Digital have teamed up to create a rewards program for stablecoins.
This program will allow users to earn interest on their tokens held in Anchorage's institutional self-custodial wallet or crypto bank accounts.
Both companies have stressed these stablecoins will remain fully segregated and will not be used for lending to fund the rewards program.
This program is aimed primarily at accredited Anchorage institutional customers and comes at a time of significant growth for PayPal's PYUSD stablecoin.
PYUSD is now the sixth largest USD dominated token by market capitalization.