Stripe CEO Patrick Collison has announced that the payments company is actively developing a new stablecoin product, a project that they have wanted to pursue for nearly a decade. This announcement comes after Stripe’s acquisition of stablecoin platform Bridge in October 2024 for $1.1 billion. In a recent social media post, a member of the […] Source CryptoX Portal
Stripe, a global payments platform, is building a new US dollar stablecoin product for companies based outside the United States, the United Kingdom and Europe in a move that may further expand the footprint of the dollar around the world. Stripe CEO Patrick Collison confirmed the product on X, posting an invitation for companies interested in testing the solution. The move gained traction after Stripe recently received regulatory approval to acquire the stablecoin payments network Bridge. Bridge’s network competes with banks and companies that use the SWIFT system, a global…
Paypal is launching a new rewards program for its stablecoin PYUSD, offering U.S. users a 3.7% annual return to boost adoption in the competitive stablecoin market. Incentivizing Use of PYUSD Paypal Holdings is launching a new rewards program for its stablecoin PYUSD to boost adoption of the digital token within a fiercely competitive market. The […] Source CryptoX Portal
PayPal is upping the ante in the stablecoin wars as it’s set to begin offering U.S. users 3.7% annual returns on balances of its PayPal USD (PYUSD) stablecoin. The yield, accrued daily and paid monthly in PYUSD, is designed to spur adoption by making the token more appealing and stand out among the competition, Bloomberg reported. Set to launch this summer, the program will allow users to earn rewards while keeping their stablecoins in PayPal and Venmo wallets. The stablecoin can be spent via PayPal Checkout, transferred to other users,…
Bitcoin’s 12% rally over the week and a surge in related exchange-traded fund inflows have analysts thinking it could soon reach $100,000, but one crypto analyst has said to temper hopes as a key indicator is still giving mixed signals. “Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally,” 10x Research head of research Markus Thielen said in an April 23 markets report. Stablecoin absence may limit Bitcoin upside Thielen explained that a measured move…
Key Notes The Bank of Korea plans to actively contribute to stablecoin regulation discussions in South Korea. The central bank raised concerns that stablecoins could disrupt monetary policies if used as a payment method. South Korea is set to draft a new crypto law in 2025, including stricter guidelines for stablecoins. The Bank of Korea has announced its intention to take a proactive role in shaping the government’s regulations on crypto usage in the country. In its “2024 Payment and Settlement Report,” the bank plans to provide input on stablecoin…
Circle, the firm behind the $60 billion USDC stablecoin, is launching a new payments and cross border remittance network on Tuesday — the company’s “next product move” — from its plush New York City headquarters, high on the 87th Floor of One World Trade Center. The launch event is aimed at banks, fintechs, payment service providers, remittance providers and USDC strategic partners. It will feature Circle CEO Jeremy Allaire sharing his vision for the stablecoin giant’s next move within the payments space, according to an invite seen by CryptoX. New…
The Synthetix protocol’s native stablecoin, Synthetix USD (SUSD), has slipped further away from its US dollar peg, reaching new all-time lows under $0.70. However, the firm reiterates that this isn’t the first time the asset has been under significant stress, and several risk measures are in place. “Synthetix and sUSD have weathered multiple bear markets and periods of stablecoin volatility; this is not the first resilience test,” a spokesperson from Synthetix told Cointelegraph. SUSD down almost 31% from its intended 1:1 peg sUSD is a crypto-collateralized stablecoin. Users lock up…
The Wyoming Stable Token Commission, a body authorized by the US state to issue a stablecoin, has suggested that it may clarify its language to better comply with potential guidelines from the Securities and Exchange Commission (SEC). In an April 17 meeting in the extension of the Wyoming Capitol building, Commissioner Joel Revill suggested the body could reduce the risk of the state’s proposed WYST stablecoin qualifying as a security under SEC rules. The discussion among the commissioners and Executive Director Anthony Apollo followed the SEC issuing guidelines that certain…
As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell. In an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that “could have wide appeal” following a difficult “wave of failures and frauds,” he said. Powell delivers remarks at the Economic Club of Chicago. Source: Bloomberg Television During crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile…