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PayPal enables use of PYUSD in cross-border transfers for Xoom users Xoom users in the US can convert PYUSD into USD and send money to 160 countries. Xoom, the international money transfer platform of payments processing giant PayPal, has announced that it now supports the use of PayPal USD (PYUSD) as a funding option for users in the United States. In an announcement today, the cross-border money transfer platform said eligible US users can now convert PYUSD into US dollars when looking to send money to friends and family. PayPal expands PYUSD adoption PayPal USD is a USD dollar-denominated Stablecoin that PayPal launched in August 2023 and its use on Xoom will now see US users able to send money across borders to 160 countries. There’s no crypto sale fee when converting PYUSD to USD and no Xoom transaction fees, the platform announced. “ When we decided to bring PayPal USD to market, we had two objectives we wanted to achieve: create som...

The cryptocurrency industry saw a significant increase in lobbying efforts in 2023, particularly aimed at influencing stablecoin regulations and legislative outcomes on Capitol Hill. Stablecoins, a crucial link between the crypto and traditional financial systems, gained significance due to their supposed backing by secure assets like dollars or treasuries. The push for federal regulation highlights the need for legitimacy within the asset class and sets the stage for potential widespread adoption. The Biden administration, along with both congressional Democrats and Republicans, has prioritized oversight of stablecoin s. This bipartisan interest persists despite disagreements on other digital asset issues following the collapse of Sam Bankman-Fried’s FTX empire. You might also like: Coinbase urges U.S. lawmakers to bring clear stablecoin regulation as ‘cash is outdated’ Lobbying efforts intensified, with Tether Operations Ltd. spending $760,000 during the first thre...

The standard is a tool developed by Circle to bootstrap USDC deployment across multiple blockchains with a view to keeping up with emerging L1 and L2 networks. Digital payment provider Circle announced its bridged standard for USD Coin (USDC) in a move the company says will support “cold starts” on new blockchains and expand liquidity for crypto’s second-largest stablecoin by market cap.  The solution dubbed “Bridged USDC Standard” is needed to tackle fragmented liquidation while staying apace with the rise of new high-performance L1 blockchains, and scaling solutions built on L2 and L3 rollups, according to a Nov. 21 Circle statement.  Introducing Bridged USDC Standard, a new way to expand access to $USDC & reduce fragmentation. EVM blockchain & rollup teams can now deploy a bridged USDC token contract with optionality for Circle to seamlessly upgrade to native issuance in the future.https://t.co/suSgllMQoQ — Circle (@circle) November 21, 2023 Yo...

Blockchain infrastructure company Paxos has received in-principle approval to issue a new stablecoin pegged to the U.S. dollar in Singapore. According to the statement, the asset is fully backed by US currency and cash equivalents. The firm has undertaken to undergo monthly audits and provide a report on reserves. The Monetary Authority of Singapore (MAS) recognized the stablecoin as compliant with the regulatory framework proposed by the regulator even before its main provisions came into force. “Because Paxos upholds the highest standards of compliance and oversight, global enterprises partner with us to power  stablecoin  solutions that drive their businesses and respond to their customers’ needs.” Walter Hessert, head of strategy at Paxos The company also maintains strict AML and KYC standards set by the Singapore authorities. In 2022, Paxos became the first US blockchain platform to receive a MAS license to provide digital payment token servic...

Federal Reserve Governor Michelle Bowman recently expressed skepticism about the unique benefits of a U.S. CBDC over other financial alternatives at a Harvard Law School roundtable discussion. During a recent roundtable discussion at Harvard Law School, Federal Reserve Governor Michelle Bowman voiced her skepticism regarding the practicality of a U.S. central bank digital currency (CBDC). She expressed doubts over whether a CBDC could offer solutions to financial issues any more effectively than current alternatives, such as FedNow. CBDCs have been touted by their advocates for their potential benefits, particularly in terms of financial inclusion and mitigating challenges within the payment system. Yet, Bowman remains unconvinced, arguing that these touted advantages may not be exclusive to CBDCs. “These are all important issues. I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or wit...

Eetu Kuneinen argued against CBDCs as they are "centralized by nature," saying that certain dangers come with government control. At the recent Future Innovation Summit event held in Dubai, Cointelegraph moderated a panel titled “Stablecoins, Central Bank Digital Currencies and Cross-Border Payments” to explore if CBDCs and stablecoins can coexist and how this would be possible.  The panel included Jorge Carrasco, the managing director of FTI Consulting; Nikita Sachdev, the founder of Luna Media Corp; Jagadeshwaran Kothandapani, the head for Middle East and Africa for Citibank; and Eetu Kuneinen, the co-founder of the gold-backed stable coin project DGC. The Future Innovation Summit held in the Jumeirah Beach Hotel in Dubai. Source: Cointelegraph The group explored various topics, answering whether stablecoins and CBDCs can coexist. According to Kuneinen, CBDCs would be “centralized by nature” as they would be issued by the government, even though they may be built on ...

Over 55% of voters supported the proposal that included the impossibility of minting and re minting of USTC without the approval of the Terra Classic community. Terra Classic will no longer be able to mint new TerraClassicUSD (USTC) stablecoins without the approval of the Terra Classic community. According to data from ATOMScan, more than 55% of voters were in favor of the #11784 proposal. “We pay the Algo Quant team to re-peg USTC to USD, and the Terra Classic community is participating in the burning of the USTC supply, which also facilitates the re-peg.” The Terra Classic community The proposal’s description also claims the upgrade should fix loopholes such as converting xUST to mint USTC in an effort to achieve the repeg . The proposal is said to “protect the community and outside investors who are burning USTC,” trying to achieve the repeg , more than a year after the stablecoin imploded. The 11784 voting scheme | Source: ATOMScan ...

Bitcoin’s 150% gains over the last two years in Argentine pesos is no match for the country’s 300% inflation in the period. Argentina has grappled with hyperinflation for several decades due to populist policies that have led to budget deficits. As time marches on, the likelihood of Argentina, home to 47 million Latin Americans, facing a full-scale currency collapse looms. But what are the prospects for increased adoption of Bitcoin (BTC), given its outstanding track record when priced in the local Argentine Peso (ARS) currency? Throughout its history, the Argentine government has frequently resorted to the practice of inflating the money supply, be it through bank deposits or government bonds. Notably, Argentina's aggregate money supply M1, comprising currency, demand deposits, and other checkable deposits, has surged from 2.81 trillion ARS in July 2019 to a staggering 10.66 trillion ARS, marking a substantial 277% increase over the span of three years. What happened to Bitcoin’s...

ANZ’s banking executive Nigel Dobson says the bank sees “real value” in tokenizing real-world assets on-chain like the Aussie dollar. Australia and New Zealand Banking Group is one step closer to launching its bank-issued stablecoin A$DC after the bank successfully executed a test transaction on Chainlink’s Cross-Chain Interoperability Protocol (CCIP): ANZ’s banking services portfolio lead Nigel Dobson said the transaction was a “milestone” moment for the bank in a Sept. 14 statement: “ANZ recently worked with Chainlink CCIP to complete a test transaction to simulate the purchase of a tokenised asset, facilitated using A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.” Dobson said the firm has been experimenting with several networks — presumably to test out where the ANZ’s Australian dollar stablecoin can be best utilized: “We’re actively exploring the use of decentralised networks through a ‘test-and-learn’ approach,” the ANZ executive said. As Australia and New Zealand Ba...

Distinct from conventional cryptocurrencies characterized by their price fluctuations, stablecoin s are deliberately created to uphold a consistent value through their peg to a specific currency, such as the U.S. dollar. Circle , the issuer behind the stablecoin USDC , has been facing tight competition from Tether. With almost $57 billion in market capitalization, USDT is proving to be a close rival to USDC . In one of the recent statements by Circle CEO Jeremy Allaire shared by Bloomberg, Allaire said the company is leveraging its $1 billion cash reserves to ride the drop in market share. Also read: US Inflation Rises to 3.2% Circle faces a drop in stablecoin supply since 2023 beginning Data from The Block reveals that Circle ’s USDC stablecoin supply has witnessed a notable drop since 2023’s beginning. USDC ’s market cap witnessed a drop from its $42 billion market cap in January to its current market cap of $26 billion. Also read: ...

Agoric, a blockchain network built on Cosmos, aims to empower developers in building DeFi applications using JavaScript. The Inter Protocol application, operating on the network, has launched its new minting application called Vaults. Inter Protocol is a decentralized application on Agoric. It is an application layer that is responsible for implementing the Inter Stable Token (IST), a native stablecoin on the Cosmos network.  Dean Tribble, CEO of Agoric, noted in a press release reviewed by Blockworks that Vaults will offer an alternative way to mint stable coins “setting decentralized tokens apart from their fiat-backed equivalents.” “Fully functioning Vault systems allows crypto collateral holders to leverage their assets and fulfill their demand for IST, which in turn contributes to the Agoric economy through fees,” Tribble said. IST itself is similar to Maker DAO’s DAI — a decentralized stable coin pegged to the US dollar.  Blockworks Research analyst David Rodriguez said IS...

Join Our Telegram channel to stay up to date on breaking news coverage Tron (TRX) has recently seen a significant surge in the stablecoin presence on its network. According to new data, Tron’s stablecoin market cap has gone up by 8% over the last week alone, taking it to the $40 billion mark. DeFillama recorded an inflow of over $1 billion in stablecoins to the network on March 12th. Only five days later, on March 17th, an additional inflow of $917.49 million followed. Tether dominates the TRON network The majority of the stablecoins within the TRON ecosystem represent Tether (USDT), with 94.36% of the total stablecoin presence belonging to the crypto industry’s largest stablecoin project. Tether is currently the third-largest cryptocurrency on the market, with a market cap within Tron sitting at $39.26 billion, while its total market cap exceeds $76.3 billion. In the last 30 days, Tether has seen 8.26% growth in its market cap within Tron. Apart from Tether, ...

Several USD Coin holders have fled to other stablecoins amid fears surrounding its solvency. Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC's collateral was held at Silicon Valley Bank. However, not all of them had success during panic selling. One user paid over 2,000,000 USDC to receive $0.05 of Tether (USDT) by dumping a large amount of 3CRV (DAI/USDC/USDT) into USDT. KyberSwap aggregation router was used in the transaction. Kyberswap is a decentralized exchange (DEX) that aggregates liquidity from several DEXs. In a postmortem, the protocol team explained that "since the market was undergoing a volatile period, all routes failed at estimating gas. The rate strongly fluctuated & only 0x’s route was successful but with a very poor rate." After confirming the swap at 0x's rate in a pop-up, a bot detected the opportunity and gained 2,085,256...

$500 million of the funds currently collateralizing the Dai (DAI) stablecoin will be reallocated to U.S. Treasuries and corporate bonds in an effort to provide the protocol low risk additional yield. Source: https://thebittimes.com/makerdao-goes-ahead-with-500m-investment-in-treasuries-and-bonds-tbt25724.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: Ethereum News Post by: TheBitTimes.com