Fireblocks, a digital assets management platform, has unveiled a grant program worth $1 million to support companies developing blockchain-based projects using the PayPal USD (PYUSD) stablecoin. Under this program, qualifying projects can receive grants of up to $60,000. The initiative was launched after a successful beta period with payment firms KoraPay and Bridge. Fireblocks’ multiparty computation (MPC) security technology allows developers to leverage PYUSD to create secure blockchain-powered payment services via its network suite. This combination of cryptographic security and the immutability of blockchain is likely to appeal to security-conscious fintech companies. The integration of PayPal’s PYUSD stablecoin, which is backed by a fiat reserve and issued by Paxos, enables developers to merge stablecoin payments with Fireblocks’ security to build end-to-end blockchain payment applications. According to Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currencies, stablecoins like PYUSD have emerged as the “killer app for crypto” in the payments space. Currently, PYUSD is the sixth largest stablecoin by market capitalization, amounting to $654 million.
Fireblocks Introduces 1 Million Grant Program to Enhance Adoption of PYUSD Developers