PYUSD

Creme-Waste

Not if you use the exchange. The USDC/USD and even PYUSD/USD bundles are 1:1

Drogon__

Regulated stable coins that get audited by reputable firms regularly? Let's see: USDT (their auditors are a little sketchy but alright) USDC (i'll give you that one) GUSD(That barely has any traction and has legal troubles) PYUSD(It's serving only Paypal and it isn't used in DeFi) BUSD(With Binance lawsuits it's almost dead at this point) As you can see there isn't any meaningful competition for a compliant and regulated USD stablecoin.

Xylber

I heard PayPal is offering a PYUSD token that can be exchanged on DeFi, never tried and it looks like they use it to link people to wallets (which is exactly what US exchanges are doing), so, up to you.

Shart4Future2

PayPal has a stable coin that they use internally and externally PYUSD, MasterCard has interest in Consensys and use crypto rails to settle some payments, many banks already use permissioned blockchains. Wal-Mart actually uses a permissioned blockchain for logistical reasons and has sponsored a blockchain school at the University of Arkansas. Those are some that I know of. I won't post a link, but those are all easily Googled and there's a 3 part Freakonomics series about this too.

bbt104

They see Tether as fiat, backed by nothing, and think it's the only stable coin used when buying BTC, they completely ignore Dai, USDC, PYUSD, or even that on exchanges you can spend straight USD or whatever your naitive currency is.

afaylenesky

what chain is PYUSD(paypal usd) is on?

coinfeeds-bot

tldr; PayPal's venture arm invested $5 million in Mesh, a digital assets startup, using its PYUSD stablecoin. Mesh, founded by cybersecurity veterans, is likened to a crypto version of Plaid, facilitating secure crypto-based financial transactions. The investment, partly in stablecoins and partly in cash, aims to support Mesh's growth and contribute to the advancement of embedded finance and native stablecoins. PayPal's PYUSD, launched with Paxos, is part of its strategy to offer more payment options globally. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

bah2nah

Someone smarter than me help answer this question for me please: What’s the benefit for large financial companies like PayPal to issue a stablecoin (PYUSD)? Aside from getting their current users to easily adopt and utilize crypto, does it help increase the corporations bottom line revenue? If so, how?

STP_VEGAS

A lot of jokers on here, but for adoption's sake, sticking with the majors; Bitcoin, Ethereum, Litecoin & Bitcoin Cash, will put in the same zone as PayPal / Venmo, without pigeonholing yourself into the Bitcoin-only ecosystem. I recommend adding Monero and USDC (on Polygon and/or Tron network\*\*) to that list. Monero, because it is cheap to use and even Maxi's like it. It is also a coin for the wealthy. I recommend USDC, because, of the two major stablecoins, it is the most transparent regarding it's peg. Additionally, I mentioned PayPal above and, while it is a new token, PYUSD (PayPal's own USD stablecoin) is also now available. I know of only one wallet that easily handles all of these coins and tokens, as well as many others. That would be the Edge Bitcoin Wallet, which I think would suit your needs very well. You really should familiarize yourself with the inherent value of using your crypto in a self-custodial environment (bankless). It is in this environment that the stablecoins really show their purpose and value. As a final note, Bitcoin is king crypto, for better or worse, but Monero's close relationship with the Bitcoiners, combined with it's incredibly cheap transaction fees, fast settlements and amazing fungibility, make it a very good option for a daily currency. Litecoin and Bitcoin Cash are also very economical and quick. ​ \*\*Both Tron and Polygon networks are far cheaper than the Ethereum network.

After_Sock_3550

My dude. What are you doing. Paypal is one of the worst for cryptocurrency. 1. Paypal spreads are very high as they use a exchange for liquidity and you pay exchange fees **+** Paypal fees. 2. Paypal TOS requires you to buy their stablecoin PYUSD for every crypto purchase and sell PYUSD for every crypto sale. (PYUSD is always the intermediary) so you're again basically doubling up on fees as well as just supporting their stablecoin(check their TOS). 3. Of course, you don't *really* own any crypto on Paypal; it's just a claim on it, especially because again, for every crypto purchase you make it actually as to be routed to an exchange and is walled by having to buy/sell PYUSD first. 4. Paypal fees are absolutely terrible.

Napjubu

The United States Securities and Exchange Commission has recently requested PayPal to provide information regarding the new crypto-token 'PYUSD' which has been rumored to be launching soon. This follows concerns that this stablecoin may not comply with existing securities regulations. The SEC is also reportedly inquiring about any possible involvement of the company in trading digital assets such as Bitcoin and other cryptocurrencies. Several sources, including anonymous insiders, have indicated that PayPal is still in the process of determining how it will respond to these requests. Some analysts have voiced their opinion that the SEC is acting in a manner that could potentially create a precedent for stricter regulations on cryptocurrencies, or even a complete ban on some tokens depending on how they are classified. It remains to be seen what level of regulation will be placed on digital currencies as the investigations continue.

Genevieve2313

# The United States Securities and Exchange Commission has recently requested PayPal to provide information regarding the new crypto-token 'PYUSD' which has been rumored to be launching soon. This follows concerns that this stablecoin may not comply with existing securities regulations. The SEC is also reportedly inquiring about any possible involvement of the company in trading digital assets such as Bitcoin and other cryptocurrencies. Several sources, including anonymous insiders, have indicated that PayPal is still in the process of determining how it will respond to these requests. Some analysts have voiced their opinion that the SEC is acting in a manner that could potentially create a precedent for stricter regulations on cryptocurrencies, or even a complete ban on some tokens depending on how they are classified. It remains to be seen what level of regulation will be placed on digital currencies as the investigations continue.

42326041

Yes. All stablecoins including USDT USDC TUSD PYUSD are just smart contracts and they all have block or freeze function, they can freeze any addresses balance anytime.

iPhooey

Did PayPal just add crypto to their Canada site? US has had it for about a year but as far I know, hadn't been rolled out yet in Canada. What's even crazier is PayPal launched a stablecoin called PYUSD with Paxos, so I don't know how the hell they're going to get away with pushing their own version of a non-custodial stablecoin, being the official onramp, while also limiting accounts, for presumably, *too much activity*? They can argue AML, but the reality is they are punishing you for moving funds too fast (they want you to hold it there so they can invest your idle funds) Hopefully all is not lost, maybe their support will realease your funds in a couple months? At which point, never use their service again lol I'm also doing P2P and abitrage to try to pass the time and make extra change, but you should consider yourself lucky if you're in 🇨🇦 because seems to me they have more on-ramps than the USA, and looks like they're slightly cheaper too? Have you already looked into BitBuy and Bitfinex? Both appear to have 0.1% buyer fees, and CoinSquare, another big exchange, has 0.2% fee. Lastly, isn't Binance still operating up there or did they get shut down?

MarcusStoic

Here are the top news in Crypto from yesterday: 🟠 FTX exploit link moves $17M in ETH, with major portions routed to THORChain and Railgun; amid Sam Bankman-Fried's trial and ETH ETF anticipation. 🟠 Buterin concerned about DAOs controlling ETH staking pools, suggests diversified use of staking providers to reduce systemic risks and monopolies. 🟠 DOJ prepares witnesses for Bankman-Fried trial, focusing on FTX's asset management and client experiences, amidst legal and jury selection debates. 🟠 PayPal's PYUSD stablecoin's circulation surges nearly fivefold in three days, reaching around 61 million coins. 🟠 SEC sues FTX's auditor, Prager Metis, for alleged auditor independence violations, impacting investor trust amid FTX's bankruptcy saga. 🟠 Sui Foundation awards $1.05M grant to 17 projects for DeFi, payment, and infrastructural development, boosting Sui adoption. 🟠 KuCoin's recent asset reserve certificate shows a decrease in BTC, ETH, and USDT assets; with a net outflow of $118M reported over the past month. 🟠 Q3 2023 saw $889M losses in Web3 due to hacker attacks, rugpulls, and phishing, surpassing losses of Q1 and Q2 combined. 🟠 Cygnus Finance integrates Chainlink Price Feeds on Base mainnet for accurate pricing, ensuring stablecoin cgUSD value aligns with underlying assets. :moons: China, Germany pledge to enhance digital finance cooperation and anti-money laundering efforts post high-level dialogue.

MarcusStoic

Here are the top news in Crypto for the past 24 hours: 🟠 FTX exploit link moves $17M in ETH, with major portions routed to THORChain and Railgun; amid Sam Bankman-Fried's trial and ETH ETF anticipation. 🟠 Buterin concerned about DAOs controlling ETH staking pools, suggests diversified use of staking providers to reduce systemic risks and monopolies. 🟠 DOJ prepares witnesses for Bankman-Fried trial, focusing on FTX's asset management and client experiences, amidst legal and jury selection debates. 🟠 PayPal's PYUSD stablecoin's circulation surges nearly fivefold in three days, reaching around 61 million coins. 🟠 SEC sues FTX's auditor, Prager Metis, for alleged auditor independence violations, impacting investor trust amid FTX's bankruptcy saga. 🟠 Sui Foundation awards $1.05M grant to 17 projects for DeFi, payment, and infrastructural development, boosting Sui adoption. 🟠 KuCoin's recent asset reserve certificate shows a decrease in BTC, ETH, and USDT assets; with a net outflow of $118M reported over the past month. 🟠 Q3 2023 saw $889M losses in Web3 due to hacker attacks, rugpulls, and phishing, surpassing losses of Q1 and Q2 combined. 🟠 Cygnus Finance integrates Chainlink Price Feeds on Base mainnet for accurate pricing, ensuring stablecoin cgUSD value aligns with underlying assets. 🟠 China, Germany pledge to enhance digital finance cooperation and anti-money laundering efforts post high-level dialogue.

coinfeeds-bot

tldr; Users can now trade XRP, DOGE, and SOL against PayPal's stablecoin PYUSD on the Crypto.com platform. This partnership between Crypto.com and PayPal allows users to access new trading pairs and expands the offerings of both platforms. PYUSD is a stablecoin issued by Paxos Trust Co. and maintains a fixed value against the US dollar. The addition of these trading pairs may open up new opportunities for users and further integrate cryptocurrencies into mainstream finance. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Tattiess

I didn't expected these two coins to be traded against PYUSD to be honest.

Silent_Collection892

What is PYUSD?

coinfeeds-bot

tldr; PayPal and Paxos have partnered with Crypto.com to make it the preferred platform for trading PayPal's stablecoin, PYUSD. Crypto.com has claimed to have the most significant worldwide liquidity for PYUSD trading pairs. Retail and institutional customers can now use PYUSD on the exchange, with advanced trading features coming soon. This partnership strengthens the existing collaboration between Crypto.com and PayPal, and has the potential to expand PayPal's global network. PYUSD is a stablecoin backed by US dollar deposits and runs on the Ethereum blockchain. It is available on various exchanges and has received regulatory approval from the New York State Department of Financial Services. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

IlIlllIIllllIIlI

Please, don’t use PYUSD for your own safety. They can freeze your funds because those coins aren’t yours and **never will be**. Read the terms of use revolving around that, this is a big red flag.

shamsuddin6272

But PYUSD have some restrictions in it contracts they can freeze your balance and they can revert transactions

teh_d3ac0n

And tomorrow the zero fees pair of BTC will be the BTC/PYUSD *surprised Pikachu face*

Red_n_Rusty

PYUSD seems to be yet another branded stablecoin from Paxos. Their dollar based stablecoins now include PYUSD, USDP and BUSD. Paypal's branding and integration are sure to drum up hype but I doubt this will be anything too revolutionary. Cryptocom's exchange is and has been solid although the withdrawal fees are not always that low. It seems like the exchange has been seeing some healthy trading volumes in recent times.

JugobetrugoN1

Not a fan of PYUSD but for crypto in general, its good news

cassiopeiamedusa

whhhhhhaaatttt.... why did paypal choose [crypto.com](https://crypto.com) as their [preferred exchange](https://news.bitcoin.com/paypal-selects-crypto-com-as-preferred-exchange-for-pyusd-stablecoin/) for their newly launched stablecoin PYUSD :O

Affectionate_Hand_76

Reminder to everyone that PYUSD is a centralized coin, the contract can be edited any time and your funds be frozen (blacklisted)or even wiped out.

coinfeeds-bot

tldr; Crypto.com has partnered with PayPal to become the preferred exchange for PayPal USD (PYUSD). Since listing PYUSD on its platform, Crypto.com has amassed the deepest liquidity for PYUSD trading pairs globally. The partnership will allow Crypto.com to explore more top-up and commercial capabilities for users. PYUSD has been made available on several major exchanges and crypto wallets since its launch, and PayPal's mobile payments app, Venmo, will soon allow users to buy and send PYUSD for free. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Crypto.com has partnered with PayPal to become the preferred exchange for PayPal USD (PYUSD). Since listing PYUSD on its platform, Crypto.com has amassed the deepest liquidity for PYUSD trading pairs globally. The partnership will allow Crypto.com to explore more top-up and commercial capabilities for users. PYUSD has been made available on several major exchanges and crypto wallets since its launch, and PayPal's mobile payments app, Venmo, will soon allow users to buy and send PYUSD for free. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Crypto.com has partnered with PayPal and Paxos to become the preferred platform for managing PayPal's stablecoin, PYUSD. This collaboration expands on the existing partnership between Crypto.com and PayPal, and highlights the increasing integration between traditional finance and the cryptocurrency ecosystem. PYUSD is fully backed by U.S. dollar deposits and has gained traction on major cryptocurrency exchanges. Hong Kong is also preparing for stablecoin regulation, with plans to establish guidelines for stablecoin issuers by mid-2024. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Crypto.com has partnered with PayPal and Paxos to become the preferred platform for PayPal USD (PYUSD) trading. The exchange currently has the deepest liquidity for PYUSD trading pairs globally and has listed PYUSD for retail and institutional users. This collaboration builds on the previous partnership between PayPal and Crypto.com, and further strengthens the integration between the two platforms. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

teh_d3ac0n

And PYUSD will become crypto.com preferred stablecoin

coinfeeds-bot

tldr; Crypto.com has partnered with PayPal and Paxos to become the preferred platform for PayPal USD (PYUSD) trading. The exchange currently has the deepest liquidity for PYUSD trading pairs globally and has listed PYUSD for retail and institutional users. This collaboration builds on the previous partnership between PayPal and Crypto.com, and further strengthens the integration between the two platforms. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Crypto.com has partnered with PayPal and Paxos to become the preferred platform for PayPal USD (PYUSD) trading. The exchange currently has the deepest liquidity for PYUSD trading pairs globally and has listed PYUSD for retail and institutional users. This collaboration builds on the previous partnership between PayPal and Crypto.com, and further strengthens the integration between the two platforms. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Kappatalizable

CDC would be giving away those PYUSD by mistake and then sue the recipients again

coinfeeds-bot

tldr; Crypto.com has partnered with PayPal and Paxos to become the preferred platform for PayPal USD (PYUSD) trading. The exchange currently has the deepest liquidity for PYUSD trading pairs globally and has listed PYUSD for retail and institutional users. This collaboration builds on the previous partnership between PayPal and Crypto.com, and further strengthens the integration between the two platforms. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

teh_d3ac0n

Tomorrow on [Crypto.com](https://Crypto.com): 0% fees on BTC/PYUSD trading pair

conceiv3d-in-lib3rty

Last week people were saying PYUSD was a dead stablecoin..

-_-DarthVader

True, a stable coin especially like PYUSD will have many preferred exchanges, it's just marketing. Maybe pump those CRO bags in the process.

AntonietteK

An increased supply of $PYUSD makes it more easier for people to accumulate more of this coin. It's a good time to accumulate more of it on large exchanges as #Bitget. Demand on this stablecoin will soon be on the rise.

desmonddesk

Despite Tether's ongoing success and lack of indications of any issues, it could take a while for $PYUSD to outshine it. Nevertheless, PayPal will have a much more extensive use case as a stablecoin. Maybe the reason major Exchanges are listing it without hesitation. Even Bitget recently listed it.

Bashir_Jasper03

Yeah, I believe Frax has been one huge success imo. But the launch of PYUSD is also gonna help the adoption of Frax and blockchain payment solution. I believe the ball has been set rolling already and the wave is gradually picking pace

ricozuri

Contrary to article, PYUSD is already listed on 21 exchanges according to CoinGecko. Not that it means we’ll use it.

Jako_RJB

Why did other stablecoins refuse to go to the PYUSD launch party? They feared that things might get unstable

coinfeeds-bot

tldr; PayPal's introduction of its stablecoin, PayPal USD (PYUSD), is a significant milestone for the cryptocurrency industry. However, its current limitations, such as being restricted to PayPal's ecosystem and the need for listing on multiple blockchains and exchanges, hinder its full potential. Bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi) is crucial for mass adoption. TradFi institutions offer security and credibility, while DeFi provides transparency and autonomy. The convergence of TradFi and DeFi requires collaboration and time. Other financial companies, like Jacobi and Visa, have also shown interest in the crypto industry, but these developments remain isolated. Simplifying crypto information and making it accessible to a broader audience is essential. Continued innovation, regulatory advancements, and favorable macro conditions are needed for comprehensive development. The fusion of DeFi and TradFi could usher in a new chapter for the global economy. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

WineMakerBg

They're crazy to hold stablecoins, if true. Both Tether and Circle could freeze assets ... I doubt they hold PYUSD though :)

ricozuri

Did anyone think that you own your keys on PayPal? They’re just a limited exchange. Does this freeze to PYUSD apply to assets transferred to an external exchange or wallet? Not that I have any intention of doing this, much less buying any crypto on PayPal. But I do have some PayPal stock which has gone down almost as much as some of my alts.

BuuWrath

what's PYUSD?

No-Elephant-Dies

That's exactly it. Check somewhere in the top posts, there's a write-up on some PYUSD revelations found by a couple code readers who analysed the smart contract

I_AM_MORE_BADASS

Any particular reason you think PYUSD is shit? I mean it's a highly centralized stablecoin so I get it but did I miss some news?

No-Elephant-Dies

For those arriving, - PYUSD is shit - MOON has a chart (and mind) of its own and doesn't care what other charts say Aaaand that's all you need to know for today ;) cheers!

Kno010

Just wait until this guy figures out that PYUSD uses a proxy pattern that allows them to upgrade the current token contract to a new one which can contain literally any code that PayPal wishes to run. So it doesn’t even matter what they can or can’t do with the current contract. If they wanted to they could for example swap out the whole contract for one with a nuke() function that would set everyone’s balances to zero. But that is nothing new and USDC has exactly the same functionality.

Armolin

They're infamous for freezing regular accounts and then forcing you to exchange emails with their support staff for over a month before they release your funds, I expect them to act similarly when it comes to PYUSD.

GabeSter

PYUSD is Issued through Paxos, not Paypal. Paxos is an established stablecoin company behind Pax Dollar (USDP) currently rank 66 by marketcap. Paxos would be the one freezing assets, and have you heard any bad things about Paxos? They are one of the more transparent stablecoin companies regarding backing.

GabeSter

It's probably an unpopular opinion but I would trust PYUSD over Tether..

GabeSter

That's literally every major stablecoin. USDC, Tether, BUSD, PYUSD.

themrgq

PYUSD uses Ethereum which we all know has very high fees. So my question is when PYUSD is moved from account to account is there any actual on chain transaction happening? I suspect nothing is happening on chain and it's just PayPal moving stuff on their books similar to Coinbase (none of our "trades" happen on chain it's just CB reorganizing what crypto they owe us).

Matth3w_95

PYUSD doesn't bring more utility than already existing and established stablecoins, so I don't really see the point of holding funds in the form of PYUSD. I think new stablecoins providers should focus on offering new possibilities, like for example an intrinsic yield brought to holders (maybe thanks to Treasury Bonds used as a collateral by the providers).

Wonzky

The first point is the thing that gets me, PYUSD needs to gmbe backed by something, but USD is just... USD, they're not IOUs

DRosado20

1. PYUSD is backed by collateral. USD is literally USD which needs no backing. 2. Dollars in PayPal accounts are FDIC insured since they use Synchrony Bank. PYUSD is not. 3. PYUSD collateral is proved w/ attestations which means literally nothing. In fact, it should worry people they’re doing attestations instead of audits. Frequency is irrelevant, attestations are not audits. And BTW, these aren’t two types of dollars. PYUSD is cryptocurrency, not a type of dollar. Stop the stupidity.

Tasigur1

Not the biggest fan of **PYUSD**, but I found some interesting infos on their official site: ​ * High standards of consumer protection**:** Paxos-issued stablecoin PYUSD – and its reserves – are subject to strict regulatory oversight by the New York State Department of Financial Services * 1:1 redemption, readily available: Reserves are held 100% in US dollar deposits, US treasuries and cash equivalents – meaning that customer funds are available for 1:1 redemption with Paxos. * Bankruptcy remote, assets fully segregated under New York banking law, in the event of Paxos Trust insolvency, customer assets may not be used to satisfy the debts of Paxos because client assets are held bankruptcy remote.

MarcusStoic

Hi Daily! Here are some major news in Crypto from yesterday: 🌕 Mt. Gox has extended the repayment deadline by a year to Oct. 31, 2024, delaying the return of stolen bitcoins, now worth $23 billion. 🌕 Venmo will soon offer PayPal's USD stablecoin, PYUSD, allowing users to buy and send the stablecoin on the platform. 🌕 Chainlink's CCIP protocol is live on Ethereum's Arbitrum One, enabling development of cross-chain DApps with high throughput and low cost. 🌕 CoinEx to resume deposit and withdrawal services for multiple cryptos, including BTC and ETH, on Sep 21, 2023, post system upgrade. 🌕 LayerZero node adds 'withdrawZRO' function, hinting at upcoming $ZRO airdrop. A ZRO page is also now live on CoinMarketCap. 🌕 eToro gains Cyprus regulatory approval, allowing expansion of its crypto services in the EU, a crucial region as most of its users are based there. 🌕 Alchemy Pay has secured a Money Transmitter License in Arkansas, allowing it to operate crypto payment services in the state. 🌕 Tether invests $420M in Northern Data's cloud GPUs, acquiring a 20% stake, aiming to rent Nvidia’s H100 GPUs to AI startups. 🌕 Binance Labs begins Season 6 of its Incubation Program on Sep 25, 2023, with 12 selected projects focusing on DeFi, infrastructure, and AI-powered DApps. 🌕 Kraken faces regulatory scrutiny in Australia as ASIC alleges its provider, Bit Trade, violated design and distribution obligations, impacting users.

FattestLion

Don't forget the millions of other stablecoins like USDT, PYUSD, TUSD, SpermUSD and many more!

FarhanZX

Stablecoin exodus reflects rising yields in traditional assets and regulatory uncertainty in crypto. PayPal's PYUSD could bring new users but faces centralized control concerns. The future of stablecoins depends on their ability to offer yield and ease of use.

MarcusStoic

Hi Daily! Here are some major news in Crypto today: 🌕 Mt. Gox has extended the repayment deadline by a year to Oct. 31, 2024, delaying the return of stolen bitcoins, now worth $23 billion. 🌕 Venmo will soon offer PayPal's USD stablecoin, PYUSD, allowing users to buy and send the stablecoin on the platform. 🌕 Chainlink's CCIP protocol is live on Ethereum's Arbitrum One, enabling development of cross-chain DApps with high throughput and low cost. 🌕 CoinEx to resume deposit and withdrawal services for multiple cryptos, including BTC and ETH, on Sep 21, 2023, post system upgrade. 🌕 LayerZero node adds 'withdrawZRO' function, hinting at upcoming $ZRO airdrop. A ZRO page is also now live on CoinMarketCap. 🌕 eToro gains Cyprus regulatory approval, allowing expansion of its crypto services in the EU, a crucial region as most of its users are based there. 🌕 Alchemy Pay has secured a Money Transmitter License in Arkansas, allowing it to operate crypto payment services in the state. 🌕 Tether invests $420M in Northern Data's cloud GPUs, acquiring a 20% stake, aiming to rent Nvidia’s H100 GPUs to AI startups. 🌕 Binance Labs begins Season 6 of its Incubation Program on Sep 25, 2023, with 12 selected projects focusing on DeFi, infrastructure, and AI-powered DApps. 🌕 Kraken faces regulatory scrutiny in Australia as ASIC alleges its provider, Bit Trade, violated design and distribution obligations, impacting users. u/EngineeringFinal3419 as promised 😉

coinfeeds-bot

tldr; PayPal's stablecoin, PYUSD, has had limited adoption since its launch, with a market capitalization of only $44 million compared to Tether's $83 billion and Circle's $26 billion. The low adoption highlights that stablecoins are still not widely used as a payment method and that crypto traders prefer established stablecoins like USDT and USDC. While there may be potential for PYUSD in B2B payments and cross-border transactions, it currently lacks a unique value proposition for traders. PayPal's size and network may eventually drive adoption, but it will take time to establish itself as a reputable stablecoin alternative. Regulators are also closely monitoring stablecoins, and there are concerns about their impact on the financial system. Overall, the growth and acceptance of PayPal's stablecoin are still in the early stages, and it will take time to gauge its success. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; The stablecoin market has been experiencing an exodus for the past 18 months, with the market dominance of stablecoins dropping to 11.6%. The decline in market capitalization can be attributed to various factors, including the suspension of fiat currency deposits on Binance.US and MakerDAO dropping USDP from its reserves. Despite the decline in market capitalization, stablecoin trading volumes have remained high. The exodus could be due to investors cashing out stablecoins to buy traditional assets or take advantage of rising yields in fixed-income securities. The decline in stablecoin supply could impact the liquidity and efficiency of the overall crypto market. The move towards fixed-income securities may be a temporary trend or a long-term shift, depending on the incentives offered by stablecoins. The recent launch of PayPal's stablecoin, PYUSD, could potentially boost investor confidence in the sector and attract new users. Overall, the stablecoin exodus is driven by a desire for yield-bearing assets and a consolidation of the cryptocurrency market. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

MarcusStoic

Here are some major news in Crypto from yesterday: \- Federal Reserve halts interest rate hikes during FOMC, maintaining rates at 5.25%-5.5%. Despite no hike, rate cuts are pushed until September 2024. \- Grayscale Investments files for an ether futures ETF, following a recent SEC win for their spot bitcoin ETF. The move aligns with rising crypto ETF interest. \- Ledger plans to launch its private-key recovery service by year-end, addressing user concerns. CEO Pascal Gauthier emphasizes optionality in privacy and recovery tools. \- House Committee approves bill barring Fed from launching a CBDC. Introduced by Rep. Tom Emmer, it emphasizes privacy and market freedom. \- Mastercard's Start Path program aids seven blockchain startups, amplifying digital asset innovation and expanding blockchain use globally. \- Binance CEO, Changpeng Zhao, denies report of a $250M loan from BAM Management, stating he loaned them the amount instead. \- Bybit to list PayPal USD (PYUSD) stablecoin on its Spot platform, with deposits now open, trading from Sep 20, and zero-fee trading on PYUSD/USDT. \- Apple considered introducing built-in stock trading on iPhones in partnership with Goldman Sachs but paused the plan due to market conditions \- None Trading, a Discord-based crypto and NFT trading tool, shuts down after a "critical exploit" causing significant financial loss. Valued at $16.5 million during its token debut. \- Wormhole integrates Circle's CCTP, enabling native USDC transfers between Ethereum, Avalanche, Arbitrum, and Optimism, streamlining cross-chain transfers.

Ferantc

Get ready for the PYUSD hacks and leaks and whatnots; we already have a nice thing (crypto) why do centralized old companies need to make their own

RayesFrost

It’s a TRAP! And there’s some people would still want to use PYUSD..

coinfeeds-bot

tldr; PayPal has launched its own stablecoin called PYUSD, which has received regulatory approval from the New York State Department of Financial Services. Currently available to select users on Venmo, PYUSD will soon be accessible to all users. With $44 million USD of PYUSD already in circulation, PayPal aims to create a diverse ecosystem around crypto that supports cross-border transfers and payments. This move solidifies PayPal's integration of cryptocurrency into its technology and expands its offerings in the crypto space. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

partymsl

PYUSD to $10 before USDT, you say? I would rather be a USDT-believer.

CoolCoolPapaOldSkool

PYUSD is the Paypal’s way to ride the crypto tide.

MindTheMindForMind

How is that? I guess only people that don’t know nothing about crypto will dive into PYUSD.

MarcusStoic

# Here are some major news in Crypto today: \- Federal Reserve halts interest rate hikes during FOMC, maintaining rates at 5.25%-5.5%. Despite no hike, rate cuts are pushed until September 2024. \- Grayscale Investments files for an ether futures ETF, following a recent SEC win for their spot bitcoin ETF. The move aligns with rising crypto ETF interest. \- Ledger plans to launch its private-key recovery service by year-end, addressing user concerns. CEO Pascal Gauthier emphasizes optionality in privacy and recovery tools. \- House Committee approves bill barring Fed from launching a CBDC. Introduced by Rep. Tom Emmer, it emphasizes privacy and market freedom. \- Mastercard's Start Path program aids seven blockchain startups, amplifying digital asset innovation and expanding blockchain use globally. \- Binance CEO, Changpeng Zhao, denies report of a $250M loan from BAM Management, stating he loaned them the amount instead. \- Bybit to list PayPal USD (PYUSD) stablecoin on its Spot platform, with deposits now open, trading from Sep 20, and zero-fee trading on PYUSD/USDT. \- Apple considered introducing built-in stock trading on iPhones in partnership with Goldman Sachs but paused the plan due to market conditions \- None Trading, a Discord-based crypto and NFT trading tool, shuts down after a "critical exploit" causing significant financial loss. Valued at $16.5 million during its token debut. \- Wormhole integrates Circle's CCTP, enabling native USDC transfers between Ethereum, Avalanche, Arbitrum, and Optimism, streamlining cross-chain transfers.

chchrnblklk

Yeah because PYUSD is a stablecoin?

WayRevolutionary5590

What are your thoughts on paypal usd? I think moon is way better than PYUSD.

Cryptosockies

i dont like stablecoins and i dont like paypal, i dont like PYUSD

EvilOne__

https://paxos.com/wp-content/uploads/2023/09/PYUSD-Monthly-Stablecoin-Reporting-August-2023.pdf

Affectionate_Hand_76

1. CRABS are inevitable. MOON’s below 0.30, BTC above 27K & ETH at 1620. 2. SEC Files Charges Against NFT Project ‘Stoner Cats’ Starring Ashton Kutcher, Mila Kunis. 3. PayPal has launched PYUSD on Venmo. 4. CoinEx resumes services following a $70 million hack and is set to resume deposit and withdrawals for select cryptocurrencies. 5. DeFi protocol Balancer warns users to stay away from its frontend website after attack siphons over $200,000. 6. Hong Kong crypto exchange JPEX applies for deregistration in Australia. FOMC Meeting summary 1. ⁠Fed pauses rate hikes remains at 5.25% - 5.50%. Fed sees rates higher for longer. 2. ⁠ Federal Reserve officials still see one more interest-rate hike before the end of this year. 3. ⁠Fed sees inflation at 2.6% in 2024. Token unlocks 🚩 1. ALGO - 1 Days (0.45% of M.Cap) Notable Financial Dates Coming Up: * September Jobs Data: October 06.

Ferantc

What is PYUSD backed by? Does it give yield? This is adoption happening but I still have so many questions!!

Armolin

To be honest when it comes to a stablecoin I trust an institution like PayPal much more than Tether. I personally will keep using USDC because I trust Circle/Coinbase and the fees are much lower than PYUSD.

DonerTheBonerDonor

What do you guys think of the PayPal stablecoin PYUSD?

coinfeeds-bot

tldr; PayPal has announced that its PYUSD stablecoin is now available on Venmo. The stablecoin, which is pegged to the U.S. dollar, will be fully rolled out to Venmo users in the coming weeks. PYUSD is already available on select exchanges and is backed by U.S. dollar deposits and cash equivalents. This move further expands PayPal's presence in the crypto space, as it continues to accept digital asset payments and establish on- and off-ramps for Web3 payments. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; PayPal announced on Sept. 20 that its PayPal USD (PYUSD) stablecoin is now available through its subsidiary app, Venmo. The company said that the stablecoin is now available to select Venmo users and that it will extend availability further in the coming weeks. PayPal explained that users can transfer PYUSD between PayPal, Venmo, and external […] The post PayPal extends PYUSD stablecoin to Venmo as third-party adoption surpasses 12 platforms appeared first on CryptoSlate. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

pizzapicnic

PayPal rolls out PYUSD stablecoin to Venmo users today.

themrgq

I'm confused by their use of ETH though. There are two options: Option 1 using PYUSD will be catastrophically expensive and no one will use it OR Option 2 none of the movement of PYUSD between users/PayPal will be happening on chain and it will simply act like a CEX where everything is an IOU. I expect it will be option 2. Either way both are bad tbh

MindTheMindForMind

ByBit: *That’s trash, but oh, nevermind is PayPal so we’ll list PYUSD for sure*

coinfeeds-bot

tldr; Bybit, one of the largest derivatives crypto exchanges, has announced that it will list PayPal's stablecoin PYUSD and launch spot trading on its platform. Other exchanges like Coinbase, Kraken, Gate, Cryptocom, and Huobi have already listed PYUSD. PYUSD is one of the few cryptocurrencies allowed to be offered in New York. Bybit has also partnered with Paradigm to offer discounted fee rates for options trading. PayPal USD has quickly grown to a $44 million market capitalization in just one month. Bybit already has 1% of the global exchange volume. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

axolotl_life

PayPal's stablecoin, PYUSD, is now trading on Bybit, so you can finally buy your lambo with PayPal.

thom_orrow

There were 25 tokens; However, after yesterday’s overhaul, the roster has been notably truncated, (with only 8 tokens). Bitcoin (BTC) and Ethereum (ETH) are the only non-pegged coins, featured in the 8 tokens, alongside Gemini Dollar (GUSD), GMO JPY (GYEN), GMO USD (ZUSD), Pax Gold (PAXG), Pax Dollar (USDP), and PayPal Dollar (PYUSD). Source: https://bitcoinist.com/xrp-dogecoin-ltc-removed-new-york-crypto-greenlist/

MericaGuy

Not surprised PYUSD stays on the list...

Tanikushokutomu

What properties does a crypto need to have to get onto this arbitrary green list? USDC no but PYUSD yes? Why?

coinfeeds-bot

tldr; Tether co-founder, William Quigley, believes that PayPal's stablecoin ambitions are primarily driven by potential cost savings on multicurrency transactions. While Quigley sees privately issued stablecoins as beneficial to society, he does not expect much innovation from PayPal's PYUSD token. Quigley explains that PayPal's stablecoin network allows for direct currency exchange without the need for financial intermediaries, resulting in potential savings for PayPal. He suggests that PayPal can either continue to charge consumers and merchants currency conversion fees and retain the profit or eliminate these fees and lower overall transaction costs. Quigley also reflects on the success of Tether, which he initially saw as a charitable contribution to the blockchain community but now has a market cap of around $80 billion. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Alone-Hospital-6028

Slowly degrading 1. This "option" of a 3 part seed backup. Where a party needs just 2 pieces of the whole to access the wallet. 2. Now... this paypal implementation... PYUSD. 3. It's only getting worse.

igadjeed

> PayPal took a wise step by launching its own stablecoin, PYUSD Yawn > The coin created a lot of buzz Sure. All the threads in this subreddit are deriding it, laughing at how pathetic it is Except, for some reason, paid public relations conslutants are allowed to copy and paste their press releases verbatim into this subreddit > US Treasury reserve repurchase agreements > overnight maturity with reputable financial institutions Unnamed financial institutions. Everybody here knows that long-term US Treasury bonds are a liquidity risk, because they can trade below par when interest rates move against them. Why not buy short-term Treasuries instead? But no, let's get someone else to buy long-term Treasuries and make overnight repurchase contracts. What could possibly go wrong? > Out of which, $1.5 Million is in cash reserves Proper grammar and logic are no longer a requirement for professional press release writers. Ambiguity is mandatory. I guess PayPal chooses the cheapest, least educated applicants to write its press releases

bingorunner

> As of September 14th, 611 wallets hold PYUSD. But only 100 of them were accountable for 99.97% of its circulation. That seems like an incredibly small market penetration for 38 days after launch for a company as big as PayPal.

satoshi_oscar_wilde

PYUSD is to Tether as PayPal is to Bitcoin: a centralized, regulated alternative to a decentralized, unregulated original.

bakraofwallstreet

Could also be a marketing move, $500k is nothing to a company the size of PayPal and everyone in blockchain media is talking about them again after the lacklustre release of PYUSD

partymsl

Actually, the monoautic report was true. Paxos managed the money for Paypal due to their PYUSD program and then made that mistake. Somehow still tied to PayPal. Head will be rolling, nevertheless.