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Venmo, the peer-to-peer payment app, is set to offer PayPal USD (PYUSD), an ERC-20 stablecoin , in the coming weeks. This move integrates PYUSD into the Venmo platform, creating a seamless channel for transferring assets between millions of users. According to a press release from PayPal, Venmo users will soon be able to “purchase PYUSD and send it to friends and family on PayPal, Venmo, and compatible external wallets.” PayPal USD issued by Paxos is now available on @Venmo to select users and will be rolling out fully in the coming weeks!@PayPal USD is unlocking the future of money movement. Learn more here: https://t.co/qgDagf5kB5 pic.twitter.com/ustKT0T0E2 — Paxos (@Paxos) September 20, 2023 The integration of PYUSD into Venmo is being promoted by PayPal as “the first example of a stablecoin enabling wallet interoperability at scale with no cost.” PayPal highlighted the efficiency and cost-effectiveness of this system, stating, “Transfers ...

Amid ongoing regulatory efforts, the U.S. Securities and Exchange Commission (SEC) is poised to contest Ripple’s recent victory. Binance captures attention with ambitious growth moves, while PayPal introduces its very own stablecoin.  Greater scrutiny in the U.S. This week, government agencies sought to establish clarity. The Federal Reserve introduced an innovative endeavor aimed at overseeing cryptocurrency operations within banking institutions. The Novel Activities Supervision program will diligently track activities pertaining to cryptocurrencies, encompassing trading and lending, with a particular emphasis on enhancing the security of stablecoin s. The SEC deferred its decision on the Bitcoin ETF proposal put forth by Ark Invest and 21Shares, with the intention to gather insights from the general populace. The agency chose not to approve nor reject the proposal. The recent actions undertaken by the SEC garnered considerable public interest, as the commission initi...

Is PayPal’s USD A Step Towards Integration Into X? The Ethereum-based stablecoin allows seamless transfers between PayPal and supported external wallets, enabling easy funding of purchases, services, and conversions with PayPal’s range of supported cryptocurrencies. PayPal USD is set to empower consumers, merchants, and developers to effortlessly link fiat and digital currencies, leveraging PayPal’s extensive payment experience and the efficiency of blockchain protocols. advertisement The effect of PayPal’s stablecoin debut has been highlighted by Van de Poppe’s tweet, which also raises concerns about the future of stablecoins and suggests a possible link to X payments. The post has sparked discussion about the potential for expanding the use of PayPal’s stablecoin across more channels, perhaps even including social media sites like Twitter. Musk would not be making Twitter a payment processor for the first time. In 1999, Musk ...

The answer to the question of what level stablecoin issuers are regulated on “need not be binary,” one witness said. State versus federal regulation was a key issue in the hearing on stablecoin s in the United States House of Representatives on May 18. The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology and Inclusion heard testimony from five experts as it considered two proposed bills to regulate stablecoin s. There were two draft bills under consideration by the subcommittee. The Republican bill was published in April ahead of a hearing on stablecoin in the Financial Services Committee. Ranking member Maxine Waters later introduced a competing draft based on a bill that was introduced but not passed in the last session of Congress. #WATCH: Chairman @RepFrenchHill at today's stablecoin hearing: "Without action from Congress ... stablecoin issuers will not feel confident to build their projects in the U.S." Read more  ht...

The sun sets on algorithmic stablecoins as Frax shifts to a fully-backed model. The Frax community recently approved a proposal to make its FEI stablecoin fully backed by USD equivalents, rather than maintaining a partially backed and semi algorithmic stablecoin. With Frax’s decision, the days of experimentation with algorithmic stablecoins could finally be behind us. The decentralized stablecoin space has only proved effective with ETH, USDC and BTC backed stablecoins. The failure of algorithmic stablecoins (like UST) and depegging of overleveraged stablecoins (like MIM) has become one of the primary reasons for loss of confidence in decentralized stablecoins. The decentralized stablecoin space is still tiny Decentralized stablecoins account for 5.5% of the total stablecoin supply. MarkerDAO’s DAI commands the lion’s share of this with 71% dominance. The transfer volumes of decentralized stablecoins are largely dominated in DAI and have declined since Q3 2022, suggesting that activi...

The plan to expand its workforce comes just months after it mutually called off its plans to go public via a SPAC merger. USD Coin (USDC) issuer Circle plans to increase its workforce by 15-25% in 2023 amid a sea of layoffs across the industry, reported the Wall Street Journal. At a time when a significant chunk of industry-wide firms is laying off staff to mitigate their financial woes, Circle has gone against the tide to hire more people.   41% of all layoffs in 2023 came from the cryptocurrency industry. Major cryptocurrency firms that made significant employee cuts include Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis, and Wyre. A major factor behind crypto companies reducing manpower was attributed to the prolonged crypto winter and a number of crypto implosions that wiped out billions from the balance sheets of numerous companies associated with them. However, the large-scale crypto industry layoffs were not in isolation. Around 48,000 people in...