PayPal launches PYUSD Savings Vault on Spark protocol

PayPal has launched the PYUSD Savings Vault on the DeFi lending protocol Spark to enhance the utility of its stablecoin, The Block reported. The product is designed to allow PYUSD holders to earn on-chain yield, offering an annual percentage yield (APY) of up to 4.25%. PayPal and Spark previously set a deposit target of $1 billion for the vault, which attracted $200 million in deposits within its first 24 hours.