Fireblocks introduces 1M grant initiative to enhance developer adoption of PYUSD

Fireblocks, a digital assets management platform, has unveiled a $1 million grant program aimed at supporting companies that are developing blockchain-based projects using the PayPal USD (PYUSD) stablecoin. Under the program, qualifying projects will have the opportunity to receive grants of up to $60,000. The initiative was launched after a successful beta period with payment companies KoraPay and Bridge. Fireblocks’ multiparty computation technology, which provides enhanced security, allows developers to facilitate secure blockchain-based payment services through their network suite by utilizing PYUSD. The integration of PayPal’s stablecoin with Fireblocks’ security measures enables the creation of end-to-end blockchain payment applications. PayPal’s senior vice president of blockchain, cryptocurrency, and digital currencies, Jose Fernandez da Ponte, believes that stablecoins like PYUSD have become the “killer app for crypto when it comes to payments.” Currently, PYUSD ranks as the sixth largest stablecoin by market capitalization at $654 million, while Tether’s USDT stablecoin recently surpassed a market capitalization of $120 billion.