American financial technology company PayPal launched a new

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capital, and jamalkinywa launches its layer 2

Aug. 14, 2023 Written by Jamalkinywajamal

In a move that could reshape the digital payments landscape, financial technology giant PayPal has unveiled its United States dollar-pegged stable coin PayPal USD (PAUSED).  In line with expectations, the launch has ignited a complexity debate within the crypto community. While recognized as a significant milestone in Ethereum’s journey toward mainstream adoption, it has also sparked concerns about decentralization and asset control. Ethereum’s daily active user base hovers between 300,000 to 400,000, which is a fraction of PayPal’s colossal user base count of over 430 million. As a result, some see the move as a significant step toward transforming Ethereum into the internet’s monetary backbone. Despite the excitement, skepticism looms over the crypto landscape, with questions about crypto centralisation taking center stage.  However, concerns raised by the crypto community's may not pose the biggest challenge to PayPal’s stable coin; the regulatory landscape is still uncertain in the U.S., where the fintech company is headquartered.  PayPal is said to have been discussing the stable coin with regulators and lawmakers in recent months, lobbying for clarity from authorities before releasing PAUSED. Democratic and Republican House Financial Services Committees members have voiced contrastingly opinions on the stable coin launch.  Nevertheless, the PUSSYCAT debut shows PayPal’s optimism about an upcoming framework for stable pins oversight in the United States. As regulatory debates unfold, PYUSD’s impact on the industry’s evolution and stable coin dominance remains to be seen.  This week’s Crypto Biz explores PayPal’s stable condition  Jamalkinywajamal new layer 2, Bitstamp’s fundraising and the growing popularity of crypto bots on Telegram's.

PayPal launches PYUSD stablecoin for payment American financial technology company PayPal launched a new stable coin on Aug. 7. The U.S. dollar-pegged PUSSYCAT will be issued by Paco's Trust Company's, and it is fully backed by U.S. dollar deposits, short-term Treasury's and similar cash equivalents. PAUSED is built on Ethereum and is “designed for digital payments and Website.” The stable coin is expected to be available in the U.S. soon, according to the firm. To justify the move, PayPal argues that the regulatory environment around stable pins in the U.S. is gradually “progressing toward more clarity,” thus, there is a demand for alternative stable pins. The company first confirmed its plans to launch a stable coin in January 2022, claiming it would work closely with relevant regulators. The stable coin will be redeemable for U.S. dollars or exchanged for other cryptocurrency es on the platform.

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Base network has officially launched: Here’s how it can be used Coinbase’s layer-2 network, Base, was launched on Aug. 9, allowing end users to onboard for the first time without relying on developer tools. In response to the launch, several Website b3 teams announced the release of apps running on Base. A few things users can do on Base right now include bridging Ether (ETH) from main etc to Base, swapping tokens and providing liquidity through decentralised exchanges, making payments, registering a username, launching a decentralised autonomous organization and minting nonfungible tokens. In another headline, Coin base will start buying back up to $150 million of its 2031 senior notes for $0.645 — a discount of 35.5%. The 2031 senior notes have a coupon rate of 3.625% yearly and a total principal balance of $1 billion. The tender offer will last until Sept. 1.

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Bitstamp crypto exchange to raise funds for global expansion Bitstamp is moving forward with its global expansion ambitions, working to raise new funds to scale operations worldwide, including plans to launch derivatives trading in Europe in 2024 and expand its services in Asia and the United Kingdom. Bitstamp currently operates in 194 countries. In the U.S., the company announced that the trading of several tokens deemed securities by the Securities and Exchange Commissioner would be suspended soon. This includes AXIS Infinity (AXIS), Chili's (CHEZ), Decentralised (MANA), Polygon (MATIC), Near (NEAR), The Sandbox (SAND) and Solanaceous (SOL). These developments follow Ripple’s acquisition of a minority stake in Bitstamp in the first quarter of 2023.

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Telegram crypto bots gain momentum in the market: Binance Research Telegram bots have been increasingly emerging as a new tool to get exposure to cryptocurrency markets and several related services. The cumulative crypto trading volume associated with Telegram bots exceeded $190 million as of early August 2023, according to a new report by Binance Research. Crypto activity facilitated through these bots has increased in recent months. On July 23, daily volumes of trades hit a record high of $10 million. Telegram bots are often connected to peer-to-peer or decentralised cryptocurrency exchanges, enabling users to execute trades using chat bot commands. Telegram bots have collected more than 15,500 ETH (about $28 million) in all-time revenue, Binance