PayPal plans to extend the PYUSD stablecoin to the Arbitrum chain and launch a coin holding reward program.

According to the latest published $PYUSD stablecoin terms of service, Paypal plans to add the $PYUSD stablecoin to the Arbitrum chain (previously launched on the Ethereum and Solana networks). $PYUSD is issued by Paxos, with its price fixed at $1.00, and is fully backed by U.S. dollar deposits, U.S. Treasury bonds, and U.S. Treasury repurchase agreements. PayPal is also launching a $PYUSD rewards program that allows eligible users to earn rewards based on their holdings. [ChainCatcher]