Tag: Stablecoin

Bitcoin’s Rally Toward $30K, PayPal’s Stablecoin Fakes, and More

Bitcoin’s price saw a 3% uptick, climbing to just shy of $30,000 in response to a plunge in global long-dated government bond yields. This fall in yields was triggered by China’s far weaker than anticipated trade numbers for July. The U.S. 10-year Treasury yield tumbled below the 4% mark. These macroeconomic shifts have seemingly buoyed the crypto market, with other notable cryptocurrencies like Solana (SOL), Toncoin (TON), and Chainlink (LINK) registering gains of over 4% at the time of writing. Source 30KBitcoinsFakesPayPalsRallyStablecoin CryptoX Portal

Huobi to launch PayPal’s stablecoin trading

Huobi will launch a trading pair with PayPal’s stablecoin PYUSD, backed by the US dollar, with a perpetual zero trading fee. Huobi users will be able to trade PYUSD/USDT. The announcement highlights that the exact date of pair launch will depend on market circulation and liquidity factors. One day earlier, Justin Sun invited PayPal to consider TRON as a blockchain for its stablecoin. I cordially invite PayPal to consider issuing PYUSD on #TRON, which is Fast, secure, and cost-effective with 12 billion USD daily transactions. Mutual benefits await in the digital…

PayPal’s New Ethereum-Based Stablecoin and the ‘2 Wolves’ Inside Crypto

That restriction will likely lift in time, and PayPal may ultimately onboard more people into crypto than Coinbase (108 million at last count). And even if only a fraction of those customers ever interact with Web3 beyond PayPal this doesn’t have to cheapen crypto’s purity (which frankly has already been tainted). It’s not like the existence of PYUSD means bitcoin or ether or dai will disappear. And as Austin Campbell, who formerly managed the BUSD stablecoin reserves at Paxos, wrote: “A player like PayPal entering the field is material, for…

Market Doesn’t React Much to PayPal Stablecoin

Bitcoin and ether remained little changed over the past 24 hours, another sign of just how tepid the market is, as even the entry of payment giant PayPal (PYPL) into the stablecoin market failed to move the needle. Both bitcoin and ether haven’t moved much in price on the day and have seen low trading volumes over the past few weeks. “The prevailing outlook suggests that in the absence of an ETF-triggered catalyst or substantial cryptocurrency-related drama, these price levels could persist for an extended period,” Matteo Bottacini, at Crypto…

US official calls for stablecoin law amid PayPal’s PYUSD launch

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Representative Patrick McHenry, the US House Financial Services Committee chair, endorsed PayPal’s stablecoin, PYUSD, as a key pillar for modern payments. The endorsement was given on Aug. 7, shortly after PayPal announced the stablecoin launch in partnership with Paxos. In his statement, McHenry emphasized that PayPal’s stablecoin, issued under a clear regulatory framework, holds significant potential for the US financial ecosystem. This comes amid the Financial Services Committee’s effort to enact the Clarity for Payment Stablecoins…

PayPal’s PYUSD Launch Triggers Calls For Stablecoin Bill

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United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement calling for the need to pass the Stablecoin Bill in the wake of PayPal’s launch of its own stablecoin PYUSD.  The Call For A Stablecoin Law According to the statement, McHenry believes stablecoins are the “pillar of our 21st-century payments system.” However, they must be regulated to reach their full potential.   Part of the statement read: This announcement [Paypal’s PYUSD Launch] is a clear signal that stablecoins—if issued under a clear regulatory framework—hold…

PayPal stablecoin launch sparks wave of fake PYUSD tokens

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Less than 16 hours have passed since the launch of PayPal’s new stablecoin (PYUSD), and opportunists, degens and potential scammers are already attempting to cash in on the hype with their own copycat tokens. According to data from decentralized exchange scanner DexScreener, nearly 30 new token pairs sporting the ticker “PYUSD” have cropped up in the 16 hours since the announcement. Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the…

PayPal’s Regulated Stablecoin Is a ‘Watershed Moment’ in Crypto Space, Says Paxos

In terms of those rules, a big one is the removal of bankruptcy risk, Hessert said. “Customers’ assets are protected, including if Paxos were to go bankrupt – a situation we now see with a bunch of companies in crypto. If you can end up sitting in line as a general creditor of a private company that issued you a stablecoin, that’s not as good as a physical dollar,” he said. Source CryptoMomentPaxosPayPalsRegulatedSpaceStablecoinWatershed CryptoX Portal