PayPal's PYUSD: Should You Worry? 🤔

In today's edition: 🎙️ New episode with Worldcoin cofounder, 🎯 Tether's $325 million redemption, 🤯 Reddit tokens, 🔍 Cypher’s exploit traced, and more!

August 08, 2023

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What’s Poppin’?

by Samyuktha Sriram

The U.S. dollar-pegged stablecoin will be issued by Paxos Trust and backed by dollar deposits, short-term Treasury bills and similar assets.

Researchers at Kaiko said it was unclear why traders have been swapping out of USDT without a clear bearish catalyst.

MOON and BRICK, the native tokens for two Reddit communities, saw double-digit gains immediately after they were listed on crypto exchange Kraken.

The decentralized exchange has frozen its smart contract as the team works to investigate the cause of the exploit.

by Juan Aranovich

Is Worldcoin's 'free money' promise a step toward Universal Basic Income or a privacy time bomb?

On the Pod…

Worldcoin is getting hit from all sides. Following a popular launch in late July, critics from the crypto community and public sector alike are coming out in droves with concerns about privacy, data protection, and tokenomics.

Worldcoin cofounder Alex Blania joins the show to address the recent criticism and reiterate the project’s lofty goals. “It sounds crazy,” he said, “so you really need to understand the technology to understand why it’s not concerning.”

Daily Bits…✍️✍️✍️

  • 📑 Sino Global Capital filed a $67 million claim against FTX and Alameda, with FTX described as a "co-GP and anchor LP" in the Sino’s Liquid Value fund's promotional material.

  • 💵 Representative Patrick McHenry advocated for stablecoin regulation legislation following PayPal's announcement of its own stablecoin launch.

  • ⚠️ Hong Kong's Securities and Futures Commission warned that unlicensed crypto exchanges engaging in improper practices could face criminal charges.

  • 🔥 An unknown Ethereum user, nd4.eth, inexplicably burned 2,500 ether ($4.5 million), effectively reducing Ethereum's supply.

  • 🔒 Mantle introduced a new governing body following the launch of its mainnet technology stack for Ethereum scaling, with a total value locked of $40.73 million.

  • ⏱️ Cathie Wood anticipates another delay for ARK Invest's proposed spot bitcoin ETF, suggesting the SEC may approve multiple bitcoin ETFs simultaneously.

  • ⚖️ Crypto exchange Mango's legal expenses rise a year after an alleged $116 million heist, with funding likely to come from a $15.3 million stash of stablecoins within the Mango DAO treasury.

  • 🐋 Huobi received 200 million USDT and 9 million ether from a large holder, amid a continued outflow of funds from the exchange.

Today in Crypto Adoption...

  • 🌐 The Monetary Authority of Singapore pledged up to SGD $150 million over three years to support fintech solutions, including Web3 innovations.

  • 📜 Blockchain.com secured a major payment institution license from Singapore's Monetary Authority, enabling it to offer regulated digital payment token services to global clients.

The $$$ Corner…

  • 💼 Haun Ventures has invested around 40% of the $1.5 billion it raised last year, with less than $1 billion remaining for future investments.

  • 💰 Bitstamp is raising funds to accelerate growth, aiming to introduce derivatives trading in Europe by 2024, expand in Asia, and support UK operations.

What Do You Meme?

Learn 🤓

Learn what the Bitcoin Name Service (BNS) is, how it works, and how you can set up your own .btc domain linked to your web3 wallet.

📈 Your Market Update 📉

  • BTC is up .7%, trading at $29,276

  • ETH is up.1%, trading at $1,832

  • BTC dominance: 47.07%

  • Crypto market cap: $1.21 trillion

*All data as of today, 7:20 am ET

Recommended Reads

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