GM friends.
Not really any big crypto news today . . . only that one of the world’s largest payment providers is launching their own stablecoin on the Ethereum blockchain!!
This is absolutely MASSIVE news, and bullish for all things crypto.
So put some sugar in today’s coffee, because your mid-week crypto update tastes super sweet. ☕️📰🍬
Here’s what’s in today’s issue:
- David & Sam share their thoughts on PayPal launching their own stablecoin, programmable Web3 wallets for businesses, the upcoming US CPI inflation numbers, Singapore granting a payments license to Blockchain.com, the latest updates about Coinbase, the Tether and Bitfinex lawsuit being thrown out, Trader Joe pouncing on Curve’s instability, the Curve hacker gives some back & ETH futures filings keep coming.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on how proto-danksharding is getting close.
- Defi Dad has a tutorial for you on how to earn up to 102% APR with stablecoin LPs on Base while positioning yourself for an airdrop.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
The News Now
PayPal is Launching Own Stablecoin – PYUSD
Huge news coming out of PayPal, the California-based global fintech giant.
On Monday, PayPal announced the introduction of their dollar-pegged stablecoin – PYUSD – onto their platform and into the broader crypto ecosystem.
This announcement makes PayPal the first major payments institution to issue its own stablecoin.
For context, PayPal is a $78 billion dollar financial services company with 400 million users across 200 countries.
Here’s what we know so far:
PYUSD will be an Ethereum-based token.
It will first be made available to PayPal customers, and then to Venmo customers (Venmo is a subsidiary to PayPal).
Users will be able to transfer their PYUSD off their corporate accounts and into external digital wallets.
They’ll be able to purchase goods and services with PYUSD, or swap it for crypto and fiat.
PayPal is also stating that PYUSD will permeate into the larger crypto ecosystem, by being accessible and usable to third-party developers, Web3 wallets, and decentralized applications.
PYUSD will be backed 1 to 1 by US dollar deposits and US treasuries.
Paxos Trust, the New York-based fintech company and creator of the USDP stablecoin and PAXG gold token, will serve as the official issuer.
Paxos will provide monthly PYUSD reserve reports starting this September, as well as third-party attestations of those reserves.
And according to Paxos, given they’re regulated by the New York Department of Financial Services, depositors are protected even if the company goes bankrupt.
What a massive story. I have four thoughts:
- This will be ruffling feathers in D.C. Buckle up and expect fireworks.
- This is bigly bullish for Ethereum, Bitcoin, and crypto in general. It further solidifies the argument that crypto offers benefits that TradFi cannot service. And given PayPal’s reach, PYUSD effectively serves as a massive red pill for normies into the larger crypto ecosystem.
- PayPal’s here to make money. So for them, that’s what this is about….
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
