> ## Documentation Index
> Fetch the complete documentation index at: https://docs.anchorage.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Stablecoins

> Earn stablecoin rewards in Porto.

Users can earn competitive rewards for holding eligible stablecoins in self-custody with Porto by Anchorage Digital. Your assets are accessible at any time — no lending, no rehypothecation, and no lockups.

Eligible stablecoins: **PYUSD**, **USDG**, **USDtb**, **USDe**

<Warning>
  Organizations with legal entities in Canada or the EU are not eligible for the stablecoin rewards program.
</Warning>

## Enrollment

The enrollment process must be completed by an administrator of the organization through the web dashboard.

### Self-enrollment

<Steps>
  <Step title="Open Stablecoin rewards settings">
    In the web dashboard, select **Settings**, then **Stablecoin rewards**.
  </Step>

  <Step title="Configure accounts and wallets">
    You will be directed to configure your accounts and wallets. If you do not see the accounts immediately, refresh your browser. Click the pencil icon next to **Pending configuration** to select the vault and wallet address where you would like to receive rewards.
  </Step>

  <Step title="Select vault and wallet per asset">
    For each eligible asset, select the vault and wallet where you would like to receive rewards. If you do not have an existing wallet address, you will be prompted to create one first using the creating a deposit address instructions.
  </Step>

  <Step title="Save your configuration">
    Once you select the vault and wallet and click **Save**, you will be returned to the Stablecoin rewards page. The **Status** field will indicate whether all assets have been configured to a specific vault and wallet.
  </Step>
</Steps>

<Note>
  You can enroll in the stablecoin rewards program even if you do not currently hold eligible stablecoins. Rewards will begin accruing after you deposit eligible stablecoins into your configured account.
</Note>

### Updating your configuration

You can change your configuration settings at any time, even after enrolling in the program.

<Steps>
  <Step title="Open Stablecoin rewards settings">
    In the web dashboard, select **Settings**, then **Stablecoin rewards**.
  </Step>

  <Step title="Open the configuration">
    Click the pencil icon next to **Pending configuration** to open the configuration settings.
  </Step>

  <Step title="Select new vault and wallet">
    Select the new vault and wallet where you would like to collect your rewards, then click **Save**.
  </Step>
</Steps>

## Rewards rates

<Info>
  The following terms are incorporated by reference into the Anchorage Digital Neo Program Terms & Conditions. Anchorage Digital Neo, Ltd. ("Program Administrator") reserves the right to update these terms at any time upon notice. Terms not defined in this documentation have the same meaning as defined in the Terms.
</Info>

### General program methodology

Rewards are tiered by total eligible digital asset balance (USD value). Each tier's Annual Rewards Rate (ARR) is expressed as the Effective Federal Funds Rate (EFFR) minus a spread.

* **Reference rate:** Effective Federal Funds Rate (EFFR) as published daily by the Federal Reserve Bank of New York at [newyorkfed.org](https://www.newyorkfed.org/markets/reference-rates/effr)
* **Balance calculation:** Eligible balances are calculated in USD using closing prices from CryptoCompare.com at the close of each day (UTC), or from other reliable third-party pricing sources at the Program Administrator's discretion.
* **Reward calculation:** `Eligible balance × (Annual Rewards Rate ÷ 365)`
* **Minimum eligible balance:** \$0

### USDG rewards tiers

Effective Date: January 14th — Reference EFFR used for examples: 3.87%

| Eligible balance (USD) | Annual Rewards Rate | Example ARR at EFFR |
| ---------------------- | ------------------- | ------------------- |
| Less than \$1M         | EFFR − 1.83%        | 1.81%               |
| EFFR − 1.63%           | 2.01%               |                     |
| EFFR − 1.43%           | 2.21%               |                     |
| EFFR − 1.33%           | 2.31%               |                     |
| ≥ \$10M                | EFFR − 1.23%        | 2.41%               |

### PYUSD rewards tiers

Reference EFFR used for examples: 3.64%

| Eligible balance (USD) | Annual Rewards Rate | Example ARR at EFFR |
| ---------------------- | ------------------- | ------------------- |
| Less than \$1M         | EFFR − 1.33%        | 2.31%               |
| EFFR − 0.83%           | 2.81%               |                     |
| EFFR − 0.63%           | 3.01%               |                     |
| EFFR − 0.43%           | 3.21%               |                     |
| ≥ \$10M                | EFFR − 0.33%        | 3.31%               |

### USDtb and USDe historical rates

USDtb and USDe follow a different rate-setting model. Rates are updated on the 10th of the following month (for example, November rates are updated by December 10).

| Period        | USDtb Annual Rewards Rate | USDe Annual Rewards Rate |
| ------------- | ------------------------- | ------------------------ |
| May 2026      | TBA                       | TBA                      |
| April 2026    | 3.23%                     | 2.88%                    |
| March 2026    | 3.18%                     | 2.80%                    |
| February 2026 | 3.27%                     | 2.88%                    |
| January 2026  | 3.33%                     | 3.78%                    |
| December 2025 | 3.45%                     | 3.52%                    |
| November 2025 | 3.65%                     | 3.20%                    |

<Note>
  No specific rate or range of rates is guaranteed, and rates are subject to change at any time without notice.
</Note>