PayPal's PYUSD Stablecoin Now Rewards Holders and Expands to Arbitrum!

Hold on to your digital wallets, folks! PayPal's sizzling stablecoin, PYUSD, powered by Paxos, is now dishing out rewards to those who stash at least 1 PYUSD in their Cryptocurrencies Hub. And that's not all—PYUSD has just turbocharged onto the Arbitrum chain!

PayPal's latest crypto scoop reveals that PYUSD is now strutting its stuff on the Arbitrum (ARB) chain, joining the ranks of Ethereum (ETH) and Solana (SOL). That's right, these three networks are now the cool kids of the "PYUSD supported blockchains" club.

But wait, there's more! PayPal is rolling out the red carpet with a rewards program that's got everyone talking. If you're holding at least 1.0 PYUSD, you're in for some sweet passive yield. It's like your crypto is working out while you chill.

These PYUSD rewards aren't just pocket change—they're calculated daily and credited as PYUSD, based on an annual "PYUSD Rewards Rate." It's like your crypto is earning its keep, every single day.

"To calculate your PYUSD Rewards, we apply a daily periodic rate (the PYUSD Rewards Rate divided by 365) to the average balance of PYUSD you hold during each day of the month," PayPal spilled in their statement. It's simple, yet effective.

Mark your calendars because these rewards hit your Cryptocurrencies Hub at the start of each month, or within 30 days. And if you're not feeling the rewards vibe, you can opt-out anytime—no hard feelings, and no more yield coming your way.

PayPal's eligibility terms for the PYUSD Rewards programme

Want in on the action? You gotta have a Cryptocurrencies Hub account that's in the green—no negative balances, no funds on hold, no nada. It's gotta be smooth sailing.

Even if you're running a Business Cryptocurrencies Hub, you're eligible too, as long as your account isn't flashing red or tangled up in any restrictions. It's an equal opportunity reward fest!

Now, listen up—PayPal threw in a reminder that PYUSD comes from Paxos, so it dances to Paxos' tune, not PayPal's. And hey, PayPal might decide to stop playing the PYUSD game anytime, but they'll give you a heads up... probably.

Don't expect a goodbye party though. PayPal isn't promising to give you a heads up if they decide to ditch PYUSD as a Crypto Asset. It's a wild world out there!

"You must sell or transfer to an external digital asset wallet any PYUSD token in your Cryptocurrencies Hub that PayPal has communicated it will no longer support," they laid out in their statement. It's straightforward—move it or lose it!