Fireblocks announces a $1 million grant program with Paxos to boost PayPal USD adoption and encourage innovative blockchain product development.
Fireblocks has announced a $1 million grant program in partnership with Paxos. This initiative aims to boost the adoption of PayPal USD (PYUSD). Payments companies on the Fireblocks network reportedly transfer around $15 billion in stablecoins monthly, underscoring their growing significance.
The grant program also promotes the development of blockchain-related products by businesses. Companies with balances of PYUSD on the Fireblocks platform can access the grants. Two clients, KoraPay and Bridge, have been piloted and shown unique applications, such as Digital Payouts to Individuals. The success described here is due to the flexibility of PYUSD and the confidence linked with PayPal.
Fireblocks and Paxos Introduce Innovative Projects for PYUSD
Since the pilot program has shown positive results, Fireblocks is extending the grant program to all sectors. Those interested in using PYUSD can apply for a grant of up to $60000. PayPal SVP Jose Fernandez da Ponte spoke about stablecoins being crucial for payments and said that PYUSD brings confidence to the process.
Stablecoins are revolutionizing the world of payments because transactions become faster and cost less. By October 2024, the stablecoin market capitalization is projected to be $172.48 billion, with more than 124 million holders globally. Considering the growing interest in stablecoins such as PYUSD, Fireblocks, and Paxos, will introduce various projects, like hackathons, exchange settlement programs, etc.
Ran Goldi, an SVP at Fireblocks, Payments & Network, noted that PYUSD is setting the stage for a new generation of payments. He said that the grant program spurs innovation and the deployment of trusted stablecoins in various sectors. The pilot has outlined the possible benefits of PYUSD, and Fireblocks is waiting for the practical application.
Ultimately, Fireblocks will incorporate the concept of wallet rebates to popularize the base. Businesses holding PYUSD balances on the platform will be exempt from wallet charges. This ensures that stablecoin is used in the real economy and attracts more customers, particularly institutional and retail investors.
