Global #stablecoin

PayPal has revealed its decision to adopt the Solana blockchain for expanding its stablecoin, PayPal USD (PYUSD), marking a significant departure from its previous reliance on the Ethereum ecosystem.

Nick van Eck, CEO of the stablecoin issuer Agora, recently commented on “yield-bearing stablecoins,” stating they are “not money or stablecoins.” He clarified that stablecoin issuers offering passive income deviate from the core purpose of stablecoins.

After Venmo announced an increase in transaction fees, Dan Romero, co-founder of Farcaster, proposed the idea of a stablecoin payments app for US-based freelancers, citing dissatisfaction within the community.

Tether, the largest issuer of stablecoins globally, has generated an extra 1 billion USDT tokens on the Ethereum blockchain, sparking discussions about a possible surge in the market. This development aligns with the crypto community's keen anticipation of the U.S. Securities and Exchange Commission's (SEC) impending decision regarding a spot Ethereum exchange-traded fund (ETF), slated for later this week.

Hex Trust Group, a prominent crypto custodian headquartered in Hong Kong, has introduced USDX, marking the inaugural native stablecoin on the layer-1 blockchain Flare.

ether's recent revelation that it holds more US Treasuries than Germany has sparked discussions about stablecoin regulation, as its influence in the digital assets realm grows.