Rewards accrue daily, paid monthly to boost adoption. For comparison, Coinbase offers 4.1% APY on USDC. Though it transferred its USDC stake to Circle, Coinbase still earns more from USDC reserves than Circle itself.
Source: https://www.ledgerinsights.com/paypal-plans-to-offer-3-7-reward-on-pyusd-stablecoin-report/
