Fireblocks and Paxos launch a million-dollar grant program to accelerate the adoption of PayPal's stablecoin PYUSD.

The blockchain security provider Fireblocks announced a $1 million grant program in collaboration with the stablecoin issuer Paxos to encourage enterprises to develop new products based on the PayPal-backed stablecoin PYUSD and expand the utility of PYUSD. Grant program.

Driving Wide Adoption of PYUSD with Grants of up to $60,000

Before the grant program officially opened for applications, Fireblocks had already conducted pilot programs with digital payment solution provider KoraPay and blockchain application company Bridge for services like personal digital payments. They also publicly recruited businesses with stablecoin issuer Paxos to plan for more grant applications. Companies looking to develop innovative products using PYUSD can receive grants of up to $60,000.

Incentives to Drive PYUSD Adoption

In addition to grants, Fireblocks has designed a wallet incentive program to encourage users to utilize PYUSD. Fireblocks stated that companies holding PYUSD on the Fireblocks platform will be eligible for incentives to promote the widespread use of PYUSD.

Utilizing PYUSD for B2B Payments to Accelerate Entry into Mainstream Markets

After payment giant PayPal collaborated with stablecoin issuer Paxos to launch the USD stablecoin PYUSD in August last year, they successfully transferred PYUSD through the digital currency platform of German enterprise software provider SAP to the Coinbase Prime account of accounting firm Ernst & Young LLP on 9/23 this year. This marks PayPal's "first" commercial payment using their proprietary stablecoin.

By partnering with exchanges like Coinbase, traditional enterprise-relied SAP platforms, and efforts by Fireblocks and Paxos to increase PYUSD adoption through hackathons, it is evident that they are determined to accelerate the entry of PYUSD into mainstream markets.

PayPal successfully utilized the PYUSD stablecoin for real-time commercial payments.