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Bybit, a Dubai-based cryptocurrency exchange, has announced the listing of PayPal USD stablecoin , PYUSD. PYUSD is a stablecoin issued by Paxos, a New York-based regulated financial company. The listing of PYUSD marks a significant collaboration between Bybit and PayPal, two leading players in the traditional and crypto payment sectors. By integrating PYUSD into its platform , Bybit aims to provide its users with a diverse and trusted trading experience. Ben Zhou, co-founder and CEO of Bybit, said the listing of PYUSD reaffirms Bybit’s commitment to offering its users more choices and flexibility in their crypto transactions. You might also like: PayPal introduces web3 payment solutions for businesses PayPal’s crypto journey PayPal is a leading online payment processor with significant strides in cryptocurrency. Recognizing the growing popularity and potential of digital assets, PayPal has taken steps to integrate crypto into its platform , allowing users to b...

Bitcoin’s current price action leaves much to be desired, but multiple indicators point to what could be a generational buying opportunity for patient investors. Bitcoin (BTC) price action suggests that the asset remains in a precarious position and a recent report from ARK Invest said that short-term Bitcoin investors had no choice but to capitulate in August as the percentage of Bitcoin supply in profit fell by 14 percentage points.  Bitcoin market sentiment and monthly valuation change in August. Source: ARK Invest Although many traders view significant price dips as buying opportunities at this point in the Bitcoin halving cycle, a notable bearish move was Bitcoin’s price falling below its 200-week moving average for the first time since June 2023. As shown in the chart below, the 200-WMA generally acts as a key support level during major downtrends and ARK suggests that any future bearish catalysts could see BTC price fall as low as $20,300 where its realized price currently r...

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. #NEW: Chairman @PatrickMcHenry releases a statement following the announcement of PayPal's payment stablecoin launch . Read more https://t.co/LOF9ayUNnG pic.twitter.com/sRfSfLYbXQ — Financial Services GOP (@FinancialCmte) August 7, 2023 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 Act, a bipartisan bill passed by the committee on July 27 but still awaiting enactment. The Clarity for Payment Stablecoins Act aims to recognize state-level regulation of crypto compa...

In one of its most recent reports, payment giant PayPal unveiled the launch of its own stablecoin . According to the details, PayPal is launching PayPal USD (PYUSD), which will be pegged to the US dollar and backed by cash equivalents, and short-term treasuries. Also read: Cardano Shows Remarkable Growth in Q2: Report JUST IN: PayPal launches #crypto stablecoin . — Watcher.Guru (@WatcherGuru) August 7, 2023 PayPal envisions revolutionizing payment realm Paxos will be the issuer of the new stablecoin . Additionally, the PYUSD stablecoin , is the brainchild of Chief Executive Officer Dan Schulman, who aims to revolutionize the payments landscape by leveraging cutting-edge technology for instantaneous and cost-effective transfers without the need for a central intermediary. The CEO envisions PYUSD becoming an integral part of the payments infrastructure, offering users a transformative financial experience characterized by speed, cost-effectiveness, and accessi...

The Terra Allies senior full stack engineering team, known as the Six Samurai, has presented their Q3 spend proposal, emphasizing their deep passion as Luna Classic holders. After a joint governance proposal on liquid staking derivatives in Terra Classic (LUNC), a new proposal emerged for the next quarter suggesting the formation of a dedicated team consisting of six senior full-stack engineers. The Terra Allies senior full stack engineering team — known as the “Six Samurai” — has presented their Q3 spend proposal, emphasizing their deep passion as LUNC holders. With a firm commitment to achieving “a true revival of the ecosystem ,” the team pledges to dedicate their efforts and expertise toward this goal. Terra was originally an ecosystem with several moving parts. However, its TerraUSD (UST) stablecoin and LUNA asset faced catastrophe in 2022, causing vast changes to the project. Terra now has a new blockchain called Terra 2.0 with a new asset that is also called LUNA but referred ...

Tether CTO Paolo Ardoino believes that USDT is becoming the “safest asset to hold in the world” amid the banking crisis. Cryptocurrency firm Tether, which issues the stablecoin USDT (USDT), expects to make a $700 million profit in the first quarter of 2023, matching the profits of the last quarter of 2022, Tether chief technology officer Paolo Ardoino told Cointelegraph at Paris Blockchain Week 2023. “I don’t have the final figures yet, but the profit of this quarter will probably match the last quarter of 2022,” Ardoino said, adding that in Q4 2022, Tether generated $700 million of profits. He added that Tether also has an “addition to that $950 million” at Dec. 31, 2022, noting: “So it means that our company equity will grow to $1.5 billion or $1.7 billion that are on top of the reserves that we have that are backing 100% of the assets.” Tether CTO went on to say that USDT is becoming more the “safest asset to hold in the world” because the company is different from the banks that a...

The company stated that it previously had a relationship with Signature but said it no longer has funds there. Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) Stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company. 1/ It’s very sad to hear the news about Signature Bank. They have been incredible partners to Gemini and our industry for the better part of a decade. We have zero customer funds and zero Gemini dollar (GUSD) funds held at Signature Bank. — Gemini (@Gemini) March 13, 2023 The exchange further clarified that it had partnered with Signature in the past, stating, “They [Signature] have been incredible partners to Gemini and our industry for the better part of a decade.” However, all current reserves are held at only three United Stat banks — State Street Bank, Goldman Sachs and Fidelity — Gemini said. The company also stated that it is actively monitoring bank counte...

Discover the countries leading blockchain adoption with innovative solutions, supportive regulations and more. Countries lead blockchain adoption for various reasons, including recognizing its potential to transform multiple sectors of the economy, promoting innovation and economic growth, and creating a favorable regulatory environment to attract blockchain businesses. Types of blockchain communities that lead blockchain adoption Blockchain communities refer to groups of individuals, organizations and companies involved in developing and using blockchain technology. These communities form to share knowledge, collaborate on projects and advance the adoption of blockchain technology. There are different types of blockchain communities, including: Developer communities: These groups of blockchain developers work together to create protocols, programs, smart contracts and other blockchain-based projects. Industry communities: Communities developed around specific industries or sectors, ...

Join Our Telegram channel to stay up to date on breaking news coverage In a gaming arcade, you must first exchange your cash for arcade tokens in order to use the games featured inside the arcade. Within the arcade’s small-scale economy, these tokens serve as the equivalent of dollars. You may be able to sell your tokens back for real money at the end of your visit to the arcade’s fantastical world. The cryptocurrency counterpart of an arcade token is a stablecoin. The stablecoin issuer essentially accepts one unit of money in exchange for a blockchain entry with the same value. In other words, $1 is equal to $1 $USDC or $1 $USDT. Then, entities can carry out more trades, loans, transfers, and other transactions using these dollar equivalents to buy other cryptocurrencies directly on the blockchain. The stablecoin issuer gets to keep the actual dollars and get any interest generated on these assets in return for establishing a dollar equivalent that can be used on t...

The bill also authorizes local artists to issue nonfungible tokens (NFT) to promote financial and cultural inclusion. The province of San Luis in Argentina approved a legislation allowing the issuance of its own stablecoin pegged to the United States dollar . The token, dubbed the "Activo Digital San Luis de Ahorro", will be available to all citizens of the province over the age of 18 and 100% collateralized in liquid financial assets of the province .  The bill authorizes the province to issue the stablecoin up to 2% of its annual budget. It also stipulates that assets can be transferred between parties, but it does not specify which chain will be used for the transactions. The province of San Luis is home to over 430,000 people. The stablecoin issuance is only one of the initiatives described in the bill called “Financial Innovation for Investment and Social Economic Development”, which aims to promote development in several sectors in the province through Blockchai...