The company expects to offer a 3.7% annual rewards rate upon the launch of the program, although it can change the rate at any time, PayPal Holdings said in a Wednesday (April 23) press release.
Users will be able to immediately use the rewards to send to other PayPal or Venmo users, fund international transfers, exchange for fiat, convert to other cryptocurrencies or make purchases at merchants with PayPal Checkout, according to the release.
“Consumers and businesses use PYUSD today for commerce, crypto, peer-to-peer transfers and B2B payments,” PayPal President and CEO Alex Chriss said in the release. “We’re demonstrating our commitment to an innovative, commerce-ready ecosystem by enabling it for the settlement of cross-border transfers, vendor payments and in the future for additional payment use cases like payouts and bill pay.”
