PayPal Launches PYUSD Stablecoin for Payment

PayPal has introduced its new stablecoin, PYUSD, which is pegged to the United States dollar. The stablecoin is built on Ethereum and will be issued by Paxos Trust Company. It is fully backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents. PayPal argues that there is a demand for alternative stablecoins due to the progressing regulatory environment in the U.S. PYUSD is designed for digital payments and Web3 and will be redeemable for U.S. dollars or exchangeable for other cryptocurrencies on the platform.

Bitstamp Plans to Raise Funds for Global Expansion

Bitstamp, a cryptocurrency exchange, is seeking new funds to expand its operations globally. The company aims to launch derivatives trading in Europe in 2024 and expand its services in Asia and the United Kingdom. Bitstamp currently operates in 194 countries. In the U.S., the trading of several tokens deemed securities by the Securities and Exchange Commission will be suspended soon. This follows Ripple’s acquisition of a minority stake in Bitstamp earlier this year.

Base Network Launches, Offering New Features

Coinbase’s layer-2 network, Base, has been launched, allowing end users to onboard without relying on developer tools. Users can bridge Ether from the mainnet to Base, swap tokens, provide liquidity through decentralized exchanges, make payments, register a username, launch a decentralized autonomous organization, and mint nonfungible tokens. Coinbase also announced a tender offer to buy back up to $150 million of its 2031 senior notes.

Telegram Crypto Bots Gain Momentum in the Market

Telegram bots have become popular tools for accessing cryptocurrency markets and related services. The cumulative trading volume associated with Telegram bots has exceeded $190 million, with daily volumes reaching a record high of $10 million. These bots are often connected to peer-to-peer or decentralized cryptocurrency exchanges, allowing users to execute trades using chatbot commands. Telegram bots have generated over 15,500 ETH in revenue.

Hot Take

PayPal’s launch of PYUSD stablecoin demonstrates its optimism about the future of stablecoins and digital payments. However, regulatory uncertainties and concerns about centralization in the crypto community may pose challenges. The expansion plans of Bitstamp and the release of Coinbase’s Base network indicate the growing development and adoption of cryptocurrency infrastructure. The popularity of Telegram bots highlights the demand for convenient and accessible trading tools. Overall, these developments showcase the ongoing evolution of the crypto industry.