Following a successful pilot, the program offers businesses the opportunity to build products and earn rebates for building with PayPal USD with Fireblocks.

New York — October 24, 2024 — Fireblocks (https://www.fireblocks.com), an enterprise platform for building blockchain applications and managing digital asset operations, is launching a $1 million grant program in partnership with Paxos, to drive the adoption of PayPal USD (PYUSD). Payments companies on the Fireblocks network are transferring $15 billion of stablecoins each month, highlighting the importance of growing the global share of stablecoins. Fireblocks’ grant program incentivizes businesses to build innovative blockchain-based products by offering grants to companies holding PYUSD balances using the Fireblocks platform.

Fireblocks has successfully conducted a pilot for the initiative with two customers – KoraPay and Bridge, developing creative and unique use cases such as Digital Payouts to Individuals. This new use showcase the flexibility of PYUSD, the trust that PayPal brings to the industry, and new ways stablecoins can be used within the industry.

The pilot program’s success shows the widespread deployment of stablecoins across institutional and retail use cases, which is why Fireblocks is officially opening the grant to the broader industry and announcing a call for submissions. Companies that are looking to build innovative blockchain-based products using PYUSD are eligible for grants of up to $60,000.

“Stablecoins have truly become the ‘killer app’ for crypto when it comes to payments – and PYUSD adds an element of trust into the transaction,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal.

Stablecoins are transforming global settlement by allowing businesses to facilitate faster and less expensive payments. As of October 2024, the stablecoin market cap stands at $172.48 billion, with over 124 million stablecoin holders globally. To support the growing demand for stablecoins like PYUSD, Fireblocks and Paxos are striving to increase adoption through various initiatives such as hackathons, enabling PYUSD for exchange settlements and other programs.

“Stablecoins like PYUSD are paving the way for a new era in payments,” said Ran Goldi, SVP of Payments & Network at Fireblocks. “By launching this grant program, we’re not only incentivizing innovation but also driving the adoption of a trusted stablecoin across diverse industries. Our pilot has already shown the transformative impact PYUSD can have, and we look forward to seeing businesses create real-world use cases that take advantage of what stablecoins can offer.”

In addition to the grant program, wallet rebates are being used to encourage grassroots adoption and real-world usage of PYUSD. Companies holding PYUSD balances on Fireblocks’ platform will be eligible for rebates on their wallet fees, designed to stimulate in-the-wild use cases of the stablecoin across multiple industries.

The rebates will help drive both institutional and retail adoption of PYUSD by incentivizing companies to maintain stablecoin balances on-chain.

Fireblocks is an easy-to-use platform to create new blockchain based products, and manage day-to-day digital asset operations. Exchanges, banks, PSPs, lending desks, custodians, trading desks, and hedge funds can securely scale their digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves thousands of organizations in the financial, payments, and web3 space, has secured the transfer of over $6 trillion in digital assets and has a unique insurance policy that covers assets in storage & transit.

Find out why CISOs and Ops Teams love Fireblocks at www.Fireblocks.com.