As expected, the most discussed topic on X over the last few days was the announcement from PayPal regarding the launch of the firm’s dollar-pegged stablecoin dubbed Paypal USD or PYUSD. The crypto asset will be based on the Ethereum blockchain.
The entrance of the American payments giant in an industry that remains largely unregulated was considered a positive sign by many crypto users. As a result, Bitcoin briefly rose above $30,000.
Following PayPal’s announcement, the crypto community on X quickly reacted to the news. Justin Sun, the founder of the TRON blockchain, wrote on his X account, asking the payment company to consider issuing PYUSD on his network. He touted TRON as a fast, secure, and cost-effective blockchain, processing $12 billion in daily transactions.
Meanwhile, popular crypto journalist WuBlockchain revealed that digital asset exchange Houbi will be the first trading platform to list PYUSD. Additionally, the company gave the PYUSD/USDT trading pair permanent zero fees.
Partner at crypto venture capital company 6MV, Carl Vogel, took his time to address concerns around PYUSD’s smart contract after some developers noticed a functionality in the code that allowed PayPal to “freeze and seize” assets. Vogel said the feature was a code requirement for centralized issuers.
PYUSD’s news put the stablecoins market in the spotlight, with Federal Reserve issuing a statement regarding impending regulations for all chartered banks involved with USD-backed stablecoins.
Podcaster Joe Rogan Disapproves Fed’s Plan for CBDC
In other news, Bitcoin Magazine shared a video on Wednesday featuring the World’s biggest podcaster Joe Rogan and rapper Post Malone discussing how a Fed-issued Central Bank Digital Asset (CBDC) would be “game over.” Rogan was heard saying that the US government would probably use its CBDC to monitor people’s spending.
That day, crypto analytics firm Glassnode revealed that 14.59 million BTC, or 75% of the circulating supply, was being held by long-term holders.
On Thursday, Scimitar Capital analyst @thiccythot explained the risks of issuing decentralized finance loans to enterprises operating in third-world countries. The analyst revealed that lending platform Goldfinch granted a $5 million loan in October 2021 to Kenyan motorbike company Tugende, only for the latter to default at the start of this month.
Later that day, FOX reporter Eleanor Terrett wrote that the United States Securities and Exchange Commission had filed an appeal against Judge Torres’ ruling that the Ripple-issued token XRP wasn’t a security. Following the news, crypto exchange Gemini wrote a post in support of XRP, announcing the relisting of the crypto asset.
Thursday was indeed a busy day. Solana announced it had lowered the price of its Web3 smartphone Saga. This phone operates like any other smartphone but allows users to explore decentralized applications built on the Solana blockchain. The idea is to onboard regular people to Web3. That said, you can now grab Saga for $599.
Balchunas Expresses Optimism over an Ethereum ETF Hitting Market This Year
Meanwhile, after announcing the filing of 13 Ethereum exchange-traded fund applications a few days ago, Bloomberg ETF analyst Eric Balchunas said on Friday that there is a chance the first Ethereum ETF will be approved in mid-October. He added that the lack of application withdrawals was a good sign.
Further, Balchunas noted that crypto equity ETFs were the top performers this year. Valkyrie Bitcoin Miner ETF led the way with a 227% gain, followed by Global X Blockchain ETF and Bitwise Crypto Industry Innovators ETF, which were up 168% and 167.85%, taking the second and third positions, respectively.
Crypto-friendly bank Custodia launched in the United States on Friday. Per its post on X, the company aims to create a bridge between crypto assets and traditional payment systems in a compliant manner.
Finally, crypto enthusiast MacKenzie Sigalos shared a video of former FTX CEO walking nervously into the court that sent him to prison for allegedly tampering with witnesses. Partner at Cinneamhain Ventures Adam Cochran commented on the video, saying he hopes Bankman-Fried enjoys his prison time.
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