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PayPal’s USD debut: why its new stablecoin is causing concern

PayPal has completed a long period of careful consideration, ups and downs to introduce its new USD-pegged stablecoin.

The stablecoin, called PayPal USD (PYUSD), makes it easy for users to engage in activities like “buying, selling, holding, and transferring” the token through the payment processor interface.

While these features may seem a bit mundane, resembling the features of a conventional checking account or a real PayPal account containing US dollars, they mark an important milestone after the company’s extensive two-year journey.

PayPal Stablecoin raises alarms about centralization functions

Sarah Hodder, an expert in digital asset law, drew X’s attention to the strong similarities between PayPal’s stablecoin and a central bank digital currency that could facilitate censorship.

PYUSD was officially introduced on August 7 and is issued by Paxos Trust Co., renowned for its holding in Binance USD (BUSD).

Using the Ethereum platform, PYUSD is designed for digital transactions and Web3 applications, and the company reveals plans for its availability to US clients in the near future.

Phelps suggested that this move could serve as a clever ploy by PayPal to minimize its own significant fees, juxtaposing them with the substantial gas costs associated with Ethereum.

In a notable gesture, PayPal itself seemed to recognize the potential for high fees beyond its own platform, suggesting an awareness of the challenges posed by Ethereum’s transaction costs.

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Bitcoin cryptocurrency exchange Cryptocurrency news Investment News Ripple

INSR token will be listed on the MEXC Global Exchange on August 7

PRESS RELEASE. MEXC is pleased to inform you that the revolutionary INSR Token cryptocurrency, intended to provide secure investments on decentralized pre-sale platforms, will be officially listed on the MEXC Global Exchange on August 7. This listing represents a major milestone for the INSR Token project and a new step in our mission to provide the crypto community with a secure and transparent investment experience.

MEXC Global Exchange is a leading cryptocurrency exchange serving a global audience known for its powerful and easy-to-use trading platform. Listing the INSR token in MEXC Global allows our community members to access the INSR token more easily and trade INSR tokens with high liquidity and efficiency.

Detail listing:

Trading pair: INSR/USDT

Listing date: August 7

At Insurabler, we believe this listing will further increase the visibility and adoption of the INSR token, allowing more users to take advantage of our decentralized insurance ecosystem. Increased availability will contribute to the liquidity and growth of the INSR token in the global market.

The Lord. Klaus, CEO of INSR, said: “We are delighted to collaborate with MEXC Global, a respected and dynamic cryptocurrency exchange, for the listing of the INSR token. This partnership will reach a wider audience and make the INSR token a major player in the crypto space. We continue with the goal of instilling trust and credibility in the crypto community,” he said.

About Insurable

INSR is a leading blockchain-based platform dedicated to providing secure and innovative solutions for cryptocurrency investors and projects. With our team of experienced experts and developers, we aim to promote trust, transparency, and excellence in the decentralized finance space.

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Bitcoin Cryptocurrency news Ethereum Tether

Four Tether Execs Are Now Crypto Billionaires As Stablecoin Issuer Seeks $9,000,000,000 Valuation

The four executives behind the world’s largest stablecoin are worth more than $1 billion each now that Tether’s (USDT) market capitalization is at an all-time high.

Despite a prolonged bear market for digital assets, the British Virgin Islands-based company posted a $1.5 billion profit in the first quarter of 2023 alone, with USDT accounting for more than 50% of all liquidity in the cryptomarket, according to Forbes.

Tether can be sold for up to $9 billion if the reported financial information is correct, enough to make all four of the company’s top executives billionaires.

Chief Financial Officer Giancarlo Devasini, who owns more than 40% of Tether and is considered the company’s mastermind, is now worth at least $4 billion.

CEO Jan Ludovicus van der Velde and CTO Paolo Ardoino each own $1.8 billion of shares in the company. Meanwhile, Stuart Hoegner, the company’s general counsel, has a stake valued at $1.2 billion.

However, regulatory changes could affect Tether’s current valuation. According to Forbes, passing stablecoin regulations through Congress could give USDT’s more compliant competitors an edge.

IntoTheBlock previously revealed that the USDT market cap has set a new all-time high as it approaches the $84 billion level. The analytics firm also said that the circulating supply of USDT has risen by nearly 30% year-to-date.

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Bitcoin ETF Bitcoin Investment cryptocurrency exchange Cryptocurrency Investment Cryptocurrency news

Securitization of companies beyond the US, extends tokenized coins to the UK

Securitize, a US-based blockchain company known for its expertise in tokenizing real-world assets, has expanded its operations to Europe.

The company entered the specialized sandbox of the General Secretariat of the Treasury and International Finance of Spain for digital asset values. Consequently, Securitize began issuing tokens representing shares in Mancipi Partners, a Spanish real estate investment fund.

Tokenization involves converting conventional financial assets, such as stocks and bonds, into digital tokens and issuing them on a blockchain platform.

This marks its first European trial, allowing Securitize to demonstrate its capabilities in the European market. Carlos Domingo, co-founder of Securitize, stated:

   Securitize is now the first company to be able to issue and trade tokenized securities in the US and Europe, and is the first company to do so under the new EU pilot regime for digital assets.

Securitize considers Spain’s sandbox environment key

Under supervised conditions, the Spanish General Secretariat of the Treasury and International Finance has approved the company to implement digital asset securities for a select group of companies and investors. According to the press release, this approval represents a recent achievement for Securitize in the European market.

Securitize views the Spain sandbox as a crucial milestone, allowing the company to conduct real-world testing before acquiring the necessary licenses.

After a period of six months, the company obtains the approval of the European Union Pilot Regime, which allows Securitize to proceed with the issuance, management and trading of tokenized securities in Spain and the EU in general.

The shares have been tokenized on the Avalanche blockchain, and secondary trading of these tokenized shares is expected to begin in September.

In May, the firm partnered with asset management firm Hamilton Lane to increase investor exposure by offering tokenized securities.

Amparo García Flores, CEO of Securitize Europe Brokerage And Markets, mentioned:

   This is not just theoretical work; we are showing that what we have in the US is viable in Europe. This means we can open up our market on both sides of the Atlantic, effectively doubling the size of our business and the opportunities for issuers in Europe that previously did not have the same opportunities as their US peers.

In the US, the company offers a range of services that cover the entire lifecycle of a security token. These services include issuance, capital increase, dividend distribution, shareholder meetings, redemptions and facilitation of securities trading in the secondary market.

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Bitcoin Bitcoin Investment Cryptocurrency news Metaverse NFT Investment Ripple

Worldcoin (WLD) could face UK regulatory investigations

The Information Commissioner’s Office (ICO), a body that focuses on data protection in the United Kingdom, has revealed that it plans to investigate the Worldcoin project, according to a Reuters report on July 25.

Worldcoin, launched on Monday, July 24th, has faced criticism mainly due to its iris scanning feature.

The project offers WLD coins to people who scan their irises. As stated on their website, the new orbs will be available in over 35 cities in over 20 countries, with London among one of those cities.

“We take note of the launch of WorldCoin in the UK and will be carrying out further investigations,” the Information Commissioner’s Office said.

Meanwhile, Worldcoin’s native WLD token, which is listed on several cryptocurrency exchanges including Binance, Huobi and OKX, will not be available to US residents or US residents or incorporated companies, nor will they be able to access them, meaning that the token is not listed on Coinbase.