Launched in 2023, PayPal USD (PYUSD) is a dollar-backed stablecoin issued by Paxos Trust Company, a US-regulated crypto custodian. As an Ethereum-compatible ERC-20 token, PYUSD competes in the stablecoin market alongside industry giants such as Tether (USDT) and Circle’s USD Coin (USDC). However, despite PayPal’s significant efforts to broaden PYUSD’s accessibility, the stablecoin remains far...
Tether, the largest stablecoin provider in the digital asset industry, has announced plans to introduce a new stablecoin pegged to the United Arab Emirates dirham (AED). The move is part of a collaboration with UAE-based Phoenix Group and Green Acorn Investments, aiming to create a digital representation of the dirham currency that is fully backed...
The price of Bitcoin is facing significant downside risk as over $1.4 billion worth of options contracts are set to expire on August 16, potentially pushing the cryptocurrency below a critical support level of $56,000. With Bitcoin currently trading around $58,101, down 3.6% in the past 24 hours, the market is bracing for heightened volatility...
United States District Judge Peter Castel has approved a settlement allowing the now-defunct crypto exchange FTX and its sister trading firm, Alameda Research, to repay $12.7 billion to creditors. This decision resolves a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC) that has been ongoing for 20 months. The settlement, first agreed...
Gibraltar-based Xapo Bank has entered the UK market after successfully securing a local banking license, becoming the first bank in the country to offer interest-bearing Bitcoin and United States dollar accounts. This new service allows users to hold Bitcoin and earn a 1% yield without needing to stake, lend, or lock up their assets. Xapo...
Futu Securities International, Hong Kong’s largest online brokerage, has launched cryptocurrency trading for its 22 million customers, making it the first brokerage to directly offer Bitcoin and Ether trading to Hong Kong-based retail investors. The service debuted on July 23, according to the South China Morning Post. This move reflects growing investor interest in cryptocurrencies,...
The Aptos Foundation has announced the launch of Ondo Finance’s yield-bearing stablecoin, the Ondo US Dollar Yield (USDY), on the Aptos blockchain. This stablecoin, backed by United States Treasury securities, will be available for non-US residents using the Aptos blockchain. USDY has not yet been registered under the Securities Act in the US. Stablecoin issuers...
The Qatar Central Bank (QCB) has provided a comprehensive explanation of its Central Bank Digital Currency (CBDC) project on its website. The project, set to commence before the end of 2024, will initially focus on a wholesale CBDC (wCBDC) utilizing Artificial Intelligence (AI) and will involve simulations rather than real Qatari Riyals. The QCB’s project...
This month, Telegram will roll out a suite of new features aimed at bolstering its support for blockchain technology and enhancing user experience across its platform. One of the most anticipated updates is the launch of a mini app store within Telegram. This feature will allow developers to create and deploy mini-apps directly within the...
Authorities and investors in Greece are increasingly concerned about the lack of clear regulatory and tax frameworks for cryptocurrencies, as digital asset adoption reaches new heights in the country. This concern has been fueled by the rapid growth in cryptocurrency use, particularly among young adults around the age of 30, driven in part by the...
