FireBlocks Launches $1M Grant Program to Boost PYUSD Developer Adoption
Digital asset management platform FireBlocks has announced the launch of a $1 million funding program for companies building blockchain-based projects using the PayPal USD (PYUSD) stablecoin.
Eligible projects will be eligible for up to $60,000 in grants as part of the program, which was extended on Oct. 24 after an extensive beta period with payments companies Corapai and Bridge.
“Our pilot demonstrated the transformative impact PYUSD can bring, and we look forward to leveraging the benefits stablecoin can provide as businesses create real-world use cases,” said Ran Goldie, senior vice president of payments and networks at FireBlocks. , by advertisement.
Firefox announced its $1 million developer grant program on X.com. Source: Fireblocks
Fireblocks multi-party computing technology
FireBlocks is a digital asset storage platform that leverages multiparty computing (MPC) security technology for blockchain applications. By holding PYUSD, developers can enable secure blockchain-based payment services through the Fireblocks network suite.
The added cryptographic security of Fireblocks' MPC technology, combined with blockchain's immutability as a digital record, will appeal to more security-minded fintech companies.
Promoting stable coin adoption
The integration of PayPal's PYUSD stablecoin – backed by a fiat reserve and issued by Paxos – allows developers to combine stablecoin payments with the security of Fireblocks to create end-to-end blockchain payment applications.
Related: Paxos debuts new stablecoin payment platform with Stripe
Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency and digital currency at PayPal, said stablecoins like PYUSD have become the “killer app for crypto when it comes to payments.”
Top 10 Stable Coins by Market Capitalization Source: CoinMarketCap
As Cointelegraph reports, Tether's USDT stablecoin recently hit a record high on October 20 when it surpassed the $120 billion capitalization mark. Since October 24, it remains about the highest mark. Meanwhile, PYUSD is the sixth largest stablecoin by market capitalization at $654 million.
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