Blockchain security service provider Fireblocks has announced a collaboration with stablecoin issuer Paxos to launch a $1 million grant program aimed at encouraging businesses to develop new products based on the PayPal stablecoin PYUSD and expand its application.
Promoting the broad adoption of PYUSD, grants of 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, offering services such as personal digital payments. They are also publicly recruiting businesses in collaboration with stablecoin issuer Paxos, planning to open more grant applications. For companies looking to utilize PYUSD to develop innovative products, grants can be as high as $60,000.
Incentives to support PYUSD adoption
In addition to the grants, Fireblocks has designed a wallet incentive program aimed at encouraging users to utilize PYUSD. Fireblocks stated that any company holding PYUSD on the Fireblocks platform will be eligible for incentive benefits, with the goal of promoting the widespread adoption of PYUSD.
Using PYUSD for B2B payments, aiming to accelerate entry into the mainstream market
After payment giant PayPal partnered with stablecoin issuer Paxos to launch the USD stablecoin PYUSD in August of last year, it 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 using its proprietary stablecoin.
PayPal’s attempts to promote the application scenarios of its stablecoin by collaborating with exchanges like Coinbase and traditional enterprises relying on platforms like SAP, along with Fireblocks and Paxos’s efforts to enhance PYUSD adoption through hackathons, demonstrate their determination to accelerate PYUSD’s entry into the mainstream market.
(PayPal successfully uses PYUSD stablecoin for instant business payments)