Tag: Stablecoin

PayPal’s (PYPL) Stablecoin Debut, Worldcoin’s Kenyan Hurdles, and More

In today’s crypto news roundup, we delve into a series of significant events that have shaped the digital currency landscape. From PayPal’s groundbreaking entry into the stablecoin market to regulatory challenges faced by Worldcoin in Kenya, the crypto world continues to be a blend of innovation and controversy. Meanwhile, Huobi grapples with rumors and a dip in stablecoin reserves, and Curve Finance showcases resilience by recovering a majority of its hacked funds. Join us as we unpack these pivotal moments, offering insights for both crypto enthusiasts and traditional finance observers.…

5 Questions About PayPal’s Ethereum-Based Stablecoin (PYUSD)

In reality, PayPal would probably just not allow that (since, let’s face it, this stablecoin is not even pretending to be decentralized), but if getting frozen funds out of PayPal develops as a genuine use case for PYUSD then the benefit of the virtuous cycle of an oppressive banking system will accrue to PayPal (and the consumer with the frozen funds, but to PayPal too). Source

Argentinians Gain Inflation Hedge as Ripio Introduces U.S. Dollar-Pegged Stablecoin UXD

Ripio users in Argentina, where annual inflation is running at 115%, are already able to purchase the UXD stablecoin, also called Criptodólar, the company said Thursday. The stablecoin, which is also available in Brazil, is hosted on LaChain, a Latin America-focused layer 1 blockchain launched in June by Ripio in collaboration with SenseiNode, Num Finance, Cedalio and Buenbit, among others. Source

‘Let’s just diversify and see’ — Binance CEO on its stablecoin strategy

boss

Binance CEO Changpeng ‘CZ’ Zhao is looking to bring smaller algorithmic stablecoins to the market, in a bid to offer investors options other than the current global stablecoin giants. Speaking in a July 31, ask me anything (AMA) session on Twitter, CZ cited risks associated with large stablecoins such as Tether (USDT) and Binance USD (BUSD), saying that while Tether is by far the largest stablecoin by market cap, he remains cautious of the asset due to its lack of transparency: “I personally have not seen any audit reports of…

Why Congress Should Pass the H.R. 4766 Stablecoin Bill Now

After the financial crisis, there was a significant period of reform in financial markets, where we gave preference to price stability products that worked properly, such as government money market funds or stable value funds, and penalized, restricted, or increased capital for those which did not work properly, such as deposits at highly leveraged banks, prime-money market funds, or securitizations. This means we know how to define safe, stable reserves for a stablecoin that are not a threat to financial markets, and H.R. 4766 does this. Source

U.S. Stablecoin Bill Takes Big Step Despite Fight from Democrats, White House

In a contentious hearing Thursday that ended with a 34-16 vote to clear the legislation for wider consideration in the House of Representatives, the panel’s top Democrat, Maxine Waters (D-Calif.), said it was really McHenry who shut down the talks early after negotiations broke down the night before the hearing. The battle sullied what’s otherwise the high-water mark of stablecoin progress in Congress. Source