PayPal plans to promote the use of stablecoin PYUSD by offering a 3.7% balance interest rate

According to Bloomberg, PayPal announced that it will launch a stablecoin PYUSD holding reward program this summer. US users who hold PYUSD through PayPal and Venmo wallets can receive an annualized return of 3.7% (accumulated daily and distributed monthly). The income is distributed in PYUSD form and can be exchanged for legal tender, sent to other users, used for international transfers, or used for shopping on PayPal Checkout. The head of PayPal's blockchain business stated that this move aims to increase the usage of PYUSD in its payment network, and the company sees stablecoins as a core component of the "next-generation payment infrastructure".