Digital assets management platform Fireblocks has announced the launch of a $1 million grant program for companies building blockchain-based projects using the PayPal USD ( PYUSD ) stablecoin. 

Qualifying 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 payment companies KoraPay and Bridge. 

“Our pilot has already shown the transformative impact PYUSD can have, and we look forward to seeing businesses create real-world use cases that take advantage of what stablecoins can offer,” said Ran Goldi, the senior vice president of payments and networks at Fireblocks, in an announcement.

Fireblocks launches $1M grant program to boost PYUSD developer adoption image 0

Fireblocks announces its $1 million developer’s grant program on X.com. Source: Fireblocks

Fireblocks’ multiparty computation technology

Fireblocks is a digital assets custody platform that enables multiparty computation (MPC) security technology for blockchain applications. By holding PYUSD, developers can enable secure blockchain-based payment services via Fireblocks’ network suite. 

The added cryptographic security of Fireblocks’ MPC tech, combined with the immutability of blockchain as a digital ledger, could appeal to fintech companies that are more security-minded .

Promoting stablecoin adoption

The integration of PayPal’s PYUSD stablecoin — a type of cryptocurrency backed by a fiat reserve and issued by Paxos — allows developers to combine stablecoin currency payments with Fireblocks’ security to create end-to-end blockchain payment applications. 

Related: Paxos debuts new stablecoin payment platform with Stripe

Jose Fernandez da Ponte, the senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, says that stablecoins such as PYUSD have become the “killer app for crypto when it comes to payments.”

Fireblocks launches $1M grant program to boost PYUSD developer adoption image 1

The top 10 stablecoins by market capitalization. Source: CoinMarketCap

As Cointelegraph reported, Tether’s USDT stablecoin recently hit a record high on Oct. 20 when it crossed a market capitalization of $120 billion. As of Oct. 24, it remains about the high mark. Meanwhile, PYUSD is the sixth largest stablecoin by market capitalization at $654 million. 

Magazine: The rise of Mert Mumtaz: ‘I probably FUD Solana the most out of anybody’