PayPal has launched the USD stablecoin PYUSD, which will be issued by Paxos and be available to US customers.
Odaily News: PayPal announces the launch of a US dollar stablecoin called PayPal USD (PYUSD) for transfers and payments. This stablecoin is issued by Paxos Trust Co. and is backed by the US dollar, short-term government bonds, and cash equivalents.
PYUSD will gradually be made available to PayPal customers in the United States. Starting today and over the next few weeks, eligible US PayPal customers will be able to transfer PYUSD between PayPal and compatible external wallets, make peer-to-peer payments using PYUSD, choose to use PYUSD for checkout, and exchange any supported cryptocurrencies by PayPal with PYUSD.
Starting from September 2023, Paxos will publish monthly public reserve reports for PYUSD, outlining the specific composition of its reserves. Paxos will also provide third-party proof of the value of PYUSD reserve assets. The attestation will be conducted by an independent third-party accounting firm in accordance with the auditing standards set by the American Institute of Certified Public Accountants (AICPA).
PayPal states that PayPal USD is the only stablecoin supported within the PayPal network. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to the already large and growing community of external developers, wallets, and Web3 applications, making it easy to adopt by exchanges and enhance the experience within the PayPal ecosystem. Most stablecoins currently exist within Web3-specific environments, but PayPal USD will be compatible with this ecosystem from day one and will soon be available on Venmo.
Odaily News: CME Group CEO Terrence Duffy stated that the U.S. Commodity Futures Trading Commission's (CFTC) attempt to expand its regulatory authority over prediction markets is "a bit of a stretch," and that the related regulatory dispute could ultimately reach the U.S. Supreme Court.Speaking at the DC Fintech Week event on Tuesday, Duffy said the battle over prediction market regulation could evolve into a legal showdown among state governments, tribal governments, and the federal government. "This is going to the Supreme Court, and I think the states and the tribes will prevail," he said. (The Block)
Odaily reports: Trader Killa says that for Bitcoin (BTC) to replicate its 2023 price action, it needs to form a higher low (HL) above $75,500 and ideally hold the low near $80,000.After Bitcoin recently reclaimed its short-term structure around the $82,000 zone, it pulled back to test and broke through again, with short-term price action showing strong characteristics of "bull traps and bear traps." When BTC previously fell from $84,100 to $81,000, the structure appeared weak, but a large number of shorts entering at the lows fueled the subsequent rebound.Killa noted that during the drop from $84,100 to $81,000, long liquidations totaled approximately $300 million, while during the earlier decline from $86,800 to $80,600, long liquidations exceeded $2 billion, indicating that the market's leverage structure is improving and the proportion of longs has declined compared to before. The market now needs to form a higher low and initiate the next leg up; otherwise, this correction could break below $80,000.
Odaily reports that according to MSX.COM data, US mega-cap cloud providers including Microsoft and Google rallied collectively. Google-A shares rose 1.07% to $356.510 per share, with a total market capitalization of $4.36 trillion.Microsoft shares rose 1.6% to $549.795 per share, hitting another record high, with a total market capitalization of $4.08 trillion. Amazon shares rose 0.93% to $261.950 per share, with a total market capitalization of $2.83 trillion.
According to MSX.COM data, Apple's stock price rose 1.74% in early trading to $346.892 per share, with a total market cap of $5.06 trillion, setting a new all-time high.
According to Lookonchain monitoring, today U.S. Bitcoin ETFs saw a net outflow of 788 BTC, with a 7-day net outflow of 8,267 BTC; Ethereum ETFs saw a net outflow of 29,926 ETH, with a 7-day net outflow of 217,087 ETH.
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