- PayPal has launched its own US dollar-backed stablecoin called PayPal USD (PYUSD).
- This is a significant move as PayPal becomes the first major US financial firm to introduce its own stablecoin.
- PayPal’s crypto services now include trading in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and the newly added PYUSD stablecoin.
- According to PayPal’s Senior Vice President and General Manager of Blockchain, Crypto, and Digital Currencies, stablecoins are now the “killer application” for blockchain.
- In other news, inflation for July 2023 was lower than expected, resulting in steady interest rates predicted for the rest of the year.
- Coinbase has launched its Ethereum layer-2 network, Base, to the general public, and has seen $175 million USD locked on the blockchain as of Friday.
- Aptos, a layer-1 proof-of-stake blockchain, saw a surge in price after announcing a partnership with Microsoft to work on AI and web3 products and services.
- Bitcoin traded in the $29k to $30k USD range for the second week, potentially influenced by PayPal’s stablecoin launch.
- Ether has struggled to move back above its 100-day moving average of $1,850 USD.
- The weekly update also discusses the importance of crypto custody and outlines various options for investors.
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