Former SoftBank Executive, Akshay Naheta, Launches Stablecoin DRAM Backed by the UAE Dirham
While the world is heading towards US dollar-pegged stablecoins, Akshay Naheta, a former executive at SoftBank, is pioneering a distinctive stablecoin called DRAM, backed by the United Arab Emirates Dirham. Last month, Paytm entered the crypto arena with its USD-pegged stablecoin PYUSD and got good support within the industry.
Naheta, Ditched USD for Dirham? Will it Work?
But what made this collaboration go against the market wave? With DRAM Trust, Naheta aims to tap into the burgeoning stablecoin market, which analysts project to expand over 20X, reaching a value of $2.8 trillion in the next five years. DRAM coins are engineered to provide stability, particularly in nations grappling with high inflation, such as Turkey, Egypt, and Pakistan. The initiative primarily targets the unbanked and underbanked populations.
“Our main focus is the unbanked and underbanked in these nations. If you want to diversify your risk and be in a currency complementary to the dollar, a big percentage of money can move into this.”
In contrast to many stablecoins typically pegged to the US dollar, DRAM sets itself apart by tethering its value to the Dirham. This stablecoin will be accessible on decentralized exchanges like Uniswap, Sushiswap, and Pancakeswap. Furthermore, the team plans to collaborate with centralized exchanges shortly.
This innovative project is anticipated to gain substantial traction in the UAE, owing to its significant expatriate community and proximity to regions with high inflation rates. The decision came to light when the US government faced a series of troubles and may be on the verge of shutdown. This event can favor the coin and could trigger instant adoption.
Chanelising UAE’s Financial Stability & DTR’s Global Plan
Akshay Naheta’s venture underscores the growing influence of the UAE in the global financial landscape. He likens the nation’s role to that of Switzerland, citing its geopolitical neutrality, robust transportation infrastructure, and prominence as a top-tier tourism destination.
DTR, headquartered in the Abu Dhabi Global Market, is committed to democratizing finance by developing digital financial technologies. The firm also has plans to introduce a decentralized wallet solution in early 2024, aiming to enhance the accessibility and functionality of digital tokens for a wider audience.
Binance’s Changpeng Zhao Dismisses Stablecoin Delisting Rumors, Confirms Compliance With EU’s MiCA Regulation
It’s easy for misinformation to spread as news now travels faster than light. Recently, the crypto market was in fear with rumors about Binance, one of the world’s largest cryptocurrency exchanges, delisting stablecoins from its platform in EU. However, Changpeng Zhao, the CEO of Binance, has stepped forward to slap these FUDs and confirmed complete compliance with EU’s crypto bill by listing regulated stablecoins.
CZ Quashes Stablecoin Delisting Myths
According to CoinDesk, upcoming European Union regulations might lead to a widespread delisting of stablecoins, as indicated by a Binance official on Thursday. Legal experts are currently analyzing the potential impact of the EU’s Markets in Crypto Assets (MiCA) regulation. Nevertheless, Binance’s CEO, CZ, publicly dismissed these delisting speculations on X.
The MiCA regulation, which addresses stablecoins is set to be implemented in June 2024. Over the next 12 months, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) will be refining the specifics of this regulation. Marina Parthuisot, Binance France’s Head of Legal, expressed concerns in an EBA-hosted online public hearing, stating,
“Considering no stablecoin project has received approval, we might see a complete delisting of stablecoins in Europe by June 30.”
She emphasized the potential significant market implications in Europe compared to other global regions. While Binance CEO, Changpeng “CZ” Zhao, appreciates the clarity MiCA provides, regulatory challenges have already compelled the exchange to withdraw from several European countries, including the Netherlands, Cyprus, and Germany.
In response to CoinDesk’s claim that “Binance intends to delist all stablecoins in Europe before MiCA’s June deadline next year,” Binance’s founder, Changpeng Zhao, clarified, “This statement has been misconstrued. In reality, Binance has collaborated with multiple partners to introduce euros and other compliant stablecoins.
With its recent declaration, Binance demonstrates full adherence and openness to Europe’s regulations. The exchange also intends to continue its operations, delivering regulated services to European citizens.
Binance Heads Toward Victory Against The SEC
Binance’s US firm is currently in a legal battle against the SEC over customers’ fund mismanagement. On Monday, a federal magistrate judge did not grant immediate permission for officials to inspect the software of Binance.US, marking a challenge for the Wall Street regulator in its lawsuit against the crypto exchange.
The SEC has expressed difficulties in obtaining information from Binance.US since it initiated a lawsuit against the US-based exchange, its global counterpart Binance Holdings Ltd., and CEO Changpeng Zhao in June. On Monday, the regulator sought the judge’s approval to examine Binance.US’s tech infrastructure and compel the firm to disclose additional requested data.
The SEC has shown specific interest in Ceffu, an institutional crypto custodian and collaborator of Binance. The regulator suspects that Ceffu serves as a link between Binance US and Binance Holdings, facilitating the transfer of US customer funds overseas.
However, Zhao clarified, stating,
“Binance US has neither used nor ever engaged with Ceffu or Binance Custody.”
Tether’s U-Turn: Why the Stablecoin Giant Is Back in the Lending Game?
Tether Holdings, a prominent player in the stablecoin industry, has recently resumed lending its USDT stablecoins despite initial pledges to suspend such activities. This decision has sparked concerns within the cryptocurrency community due to the potential risks associated with Tether’s dominant position in the market for stablecoins.
Tether Responds to Lending Questions and Reveals Plans
Tether Holdings spokesperson Alex Welch has confirmed that they received short-term loan requests from long-time clients in the second quarter of 2023.
Understanding their need to avoid selling assets at bad times, Tether decided to approve these loan applications to assist and support their valued customers.
Welch stated that Tether aims to cease these loan-giving practices entirely by 2024. The primary objective is to safeguard customers’ ability to access their funds easily without compelling them to sell assets at undervalued prices, which could result in financial setbacks.
Back in September 2022, Tether Holdings didn’t have much extra money on hand, just about $250 million, a tiny portion (0.4%) of everything they own. At that time, they had given out loans worth $6.1 billion, about 9% of everything they owned. This made some people nervous, causing the value of tether tokens to drop below $1.
Since then, Tether Holdings has worked hard to strengthen its financial position. They have allocated approximately $3.3 billion, accounting for 3.8% of their total assets.
While they assert that their loans are secured by assets of greater value than required, specific details regarding these assets and whether cryptocurrencies are included remain undisclosed.
Tether’s Loan Amounts Grow
In their most recent financial report, Tether has disclosed that they have lent out $5.5 billion, surpassing their previous lending amount of $5.35 billion. This development comes as a surprise considering Tether’s earlier commitment to cease providing loans and enhance transparency regarding their monetary operations.
Some people have even decided to use different stablecoins instead because they’re unsure if they can trust Tether.
Tether Restarts Lending Stablecoin to Customers After a Short Pause!
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Tether, the largest stablecoin in the cryptocurrency market, has resumed lending its own stablecoin to customers after a brief pause of less than a year. The move comes as the company received several short-term loan requests from customers with long-term relationships in Q2 2023. Tether aims to prevent its clients from running out of liquidity or being forced to sell their collateral at unfavorable prices. With this move, Tether aims to maintain the stability of its platform and continue to provide reliable services to its customers.
Tether On PayPal’s Stablecoin, Tradecurve Markets Excites Crypto Traders
The crypto community was ecstatic at the launch of the PayPal USD (PYUSD) stablecoin in August. However, Tether’s co-founder doesn’t expect much innovation from the payment giant. Conversely, Tradecurve Markets has been hailed for bringing innovation to the crypto exchange space. Read on to find out more about these recent developments.
>>Register For The Tradecurve Markets Presale<<
Tether’s Co-Founder Speaks on PayPal’s Stablecoin Ambitions
PayPal made its first official crypto involvement in 2020. Since then, the payment giant has been steadily embracing the technology. Its biggest involvement happened in August 2023, when PayPal announced the launch of its stablecoin.
Dollar deposits, cash, and short-term U.S. treasuries back PYUSD. However, Tether’s co-founder says he doesn’t expect much innovation from the payment giant. William Quigley was also an early investor in PayPal.
Despite his relationship with PayPal, Quigley isn’t very bullish about the PYUSD launch. According to him, PYUSD is only a potential way for PayPal to save trillions of dollars in multi currency transactions.
Quigley adds that he knew PayPal had been looking into stablecoins for seven or eight years. He expects very little innovative addition from PayPal to the stablecoin space. The Tether co-founder left the company in 2015 and no longer holds PayPal stocks.
Tradecurve Markets Brings New Innovation To Exchange Space
Cryptocurrency is often regarded as a fast-evolving industry. However, one sector that has seen its growth stalled is crypto exchanges. Despite being a core of the industry, there has been little growth in the crypto exchange space over the last few years.
However, the introduction of Tradecurve Markets (TCRV) has sparked excitement in the space. There are several reasons why this new exchange has piqued the interest of industry experts. Tradecurve Markets will be one of the first all-inclusive trading platforms in the industry.
Tradecurve Markets will grant traders access to several financial markets unlike traditional exchanges. Stocks, forex, options, commodities, and crypto CFDs, are all available on Tradecurve Markets. The platform has launched a demo platform to give traders a glimpse of what is to come.
The platform also supported automated AI trading as well as copy trading. These features will allow users to copy and execute profitable trading strategies automatically. As one of the most innovative exchanges ever launched, Tradecurve Markets has garnered massive investors’ interest.
Three months after its unveiling, the project has raised over $5.8 million, onboarding over 18,000 investors. The project is now in its fifth presale stage where TCRV now retails for $0.025 per token.
For more information about the Tradecurve Markets (TCRV) presale:
Website: https://tradecurvemarkets.com/
Buy presale: https://app.tradecurvemarkets.com/sign-up
Twitter: https://twitter.com/Tradecurveapp
Hong Kong Lawmakers Second Debate on Stablecoin Guidance!
Hong Kong lawmaker Chiu Duncan recently confirmed that in Shanghai lawmakers are currently engaged in a second round of consultations on stablecoins. He expressed his hope that guidelines for stablecoins can be released by the middle of next year, paving the way for companies to issue stablecoins in Hong Kong. With digital asset tokenization, the digital Hong Kong dollar, and stablecoins, Duncan hopes that Hong Kong can emerge as the greatest hub for digital assets. This move could potentially boost the city’s economy and cement its position as a key financial center.
Tether Co-Founder Assesses PayPal’s Plans for Stablecoin Dominance!
PayPal is reportedly showing interest in launching its own stablecoin, and the move is inspired by potential savings on trillions of dollars worth of multicurrency transactions, according to Tether co-founder William Quigley. He said that when he co-founded Tether, he considered it a “charitable contribution” to the open-source blockchain sector. Tether is one of the most prominent stablecoins, with a market cap of nearly $69 billion. PayPal has already dipped its toes into the crypto sphere by allowing users to buy and sell cryptocurrencies through its platform.
Celo Partners with Opera to Launch Stablecoin Wallet MiniPay in Nigeria!
Celo, a blockchain platform, has joined forces with Opera, a popular mobile browser, to release its new stablecoin wallet called MiniPay. This partnership aims to make Web3 products more accessible and easy to use for mobile internet users in Africa, especially in Nigeria, where the wallet will be launched first. The MiniPay wallet will be integrated with Opera Mini browser and provides a simple and secure solution for users to access and use stablecoins for various transactions. This move is expected to bring a new level of financial freedom and inclusion for people in Africa.
Binance Adds XRP and Dogecoin Trading with New Stablecoin Pairing!
Binance, the world’s largest crypto exchange, has announced to add support for trading XRP and Dogecoin with its new USD stablecoin, First Digital USD (FDUSD). This comes as part of Binance’s push to expand its offering of cryptocurrency pairings, and is seen as a step toward more eminent mainstream adoption of cryptocurrencies by traditional institutions. The move is expected to further boost the liquidity and demand for XRP and Dogecoin, two of the most popular cryptocurrencies in the market today.
Visa Now Supports Stablecoin Settlements on Ethereum and Solana Blockchains!
The post Visa Now Supports Stablecoin Settlements on Ethereum and Solana Blockchains! appeared first on Coinpedia Fintech News
Visa has expanded its stablecoin settlement capabilities to include the Ethereum and Solana blockchains. The global payments giant has partnered with Worldpay and Nuvei for pilot programs, with millions of USDC already transferred between partners as part of the live pilots. Visa’s move aims to speed up cross-border settlements and provide a stablecoin payment option for clients. Cuy Sheffield, Head of Crypto at Visa, said the company is “helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury”.
Stablecoin Project Hope Money Launches the HopeCard Visa Service!

Hope Money, a stablecoin project, has announced plans to launch its Visa card service, the HopeCard. With this offering, users can make online and offline payments on major platforms such as PayPal, Google Pay, Amazon, and more. The card supports USDT and USDC deposits via Ethereum and Tron, and users need to top up the funds before using them for payment. The HopeCard aims to offer users more flexibility and convenience in their transactions, and the project is looking to expand its services to other regions soon.
Monetary Authority of Singapore Seeks Ripple’s Input on Stablecoin Regulations and Labeling
In a recent development, the Singaporean regulatory authority is targeting to regulate the value stability of stablecoins. In pursuance of this, the Monetary Authority of Singapore (MAS) has sought inputs from 39 prominent firms including Ripple and Circle Internet Financial. Crypto Analyst and Influencer Crypto Eri has taken to Twitter to share the details of this development.
Ripple’s Stance on Regulation and Labeling
According to a recent tweet by crypto influencer Crypto Eri, the Monetary Authority of Singapore has completed the stablecoin registration framework. The framework’s objective is to establish stablecoins as trustworthy digital mediums of exchange and bridges between fiat and digital asset ecosystems.
Ripple and Circle shared feedback with MAS regarding regulating single-currency stablecoins (SCS) linked to the Singapore Dollar. While Ripple supports focusing on domestically issued SCS, it highlights risks in the unregulated global SCS market. Ripple urges comprehensive regulatory guidelines aligned with equal treatment.
MAS also sought Ripple’s input on regulating payment services for SCS issuance. Ripple supports this, advocating its application across all SCS stakeholders involved in creation and destruction. Additionally, Ripple endorses a unified “regulated stablecoin” label for clarity, regardless of the issuer’s nature.
Ripple remarked, “Ripple is supportive of the MAS’ proposal to introduce a single label for SCS issued by banks and non-bank entities, which are regulated for an SCS issuance service under the PS Act, and for intermediaries to also use the same term in their disclosures where they offer such SCS to differentiate them from other stablecoins offered.”
USDC Issuer Circle Agrees with Ripple on Stablecoin Regulations
Circle Internet Financial, the issuer of the USDC stablecoin, echoed Ripple’s viewpoint. Like Ripple, Circle also endorsed MAS’s efforts to introduce further regulations for stablecoin issuers.
Furthermore, the MAS solicited feedback on the proposed reserve requirement for stablecoins. Circle conveyed its approval of the adequacy of the reserve asset requirements.
USA’s Stablecoin Regulations: Time to Catch Up
Singapore has taken proactive measures to regulate stablecoins, exemplified by the Monetary Authority of Singapore seeking input from major industry players to ensure effective regulation. In contrast, the United States’ progress in digital asset regulation has been slower. The Payments Stablecoin Bill, aimed at establishing a regulatory structure for payment stablecoins, recently faced a setback in the House of Representatives. This delay indicates that the USA is falling behind in creating a regulatory framework, potentially impeding economic growth, innovation, and its competitive edge in the digital economy’s evolution.
Coinbase Halts Stablecoin Trading for Canadians Due to Regulation!

Coinbase, a leading cryptocurrency exchange, will no longer support trading on three stablecoins—USDT, DAI, and RAI—for Canadian users. The exchange has informed its customers that they will not be able to trade in these stablecoins after the end of this month. The decision has been taken due to regulatory compliance issues. Canadian users have been advised to convert their holdings in these coins to other cryptocurrencies or move them to a different exchange that supports these assets. Coinbase has assured its customers that regular trading in other cryptocurrencies will remain unaffected.
Bybit to Add PayPal’s PYUSD Stablecoin to the Spot Trading Platform!

Cryptocurrency exchange platform Bybit has announced that it will soon add PayPal’s PYUSD stablecoin to its Spot trading platform. Although no official release date has been set, this move is expected to bring further liquidity and flexibility to Bybit’s users. Bybit’s Spot trading platform already supports various other stablecoins, including USDT, USDC, TUSD, and PAX, among others. This latest addition is seen as part of Bybit’s ongoing efforts to provide its users with more options and choices for trading and managing their cryptocurrency assets.
Concerns Raised Over PayPal’s PYUSD Stablecoin Launch!

Maxine Waters, the US Congresswoman, and Chair of the House Financial Services Committee, has expressed “deep concerns” about PayPal’s recent launch of its stablecoin PYUSD without the existence of a regulatory framework. Waters claims that, given Paypal’s reach and size, federal oversight and enforcement are needed to guarantee protection to consumers and ease financial stability concerns. While stablecoins have been in existence for years, they have yet to gain significant traction within the mainstream consumer payment landscape. Stablecoin market to reach $2.8 trillion in 5 years, creating opportunities.
PayPal Launches Disruptive Stablecoin Amid Crypto Challenges
PayPal unveiled its own stablecoin on Monday, becoming the first major U.S. fintech company to venture into the world of stablecoins. The newly launched dollar-pegged stablecoin, aptly named PayPal USD, aims to revolutionize the movement of funds among millions of crypto investors, promising a distinct competitive edge despite the prevailing market conditions.
Amid an industry already crowded with stablecoins like Tether and USDC, PayPal’s foray into this domain signals a notable departure from the traditional realm of payments. The company’s chief crypto executive, Jose Fernandez da Ponte, highlighted the timeliness and inherent advantages of stablecoins in the current blockchain landscape.
Speaking about the innovation, da Ponte emphasized the unparalleled benefits in terms of cost-efficiency, programmability, and settlement speed that stablecoins offer.
PayPal’s stablecoin is backed by a fully regulated framework
Unlike Tether, PayPal’s stablecoin is backed by a fully regulated framework, a critical aspect that da Ponte underlined as an instrumental factor in ensuring the credibility of their offering. Despite the challenges and regulatory scrutiny faced by the crypto industry, da Ponte stated firmly, “Stablecoins are something that we cannot just sit out.”
Refuting previous reports, da Ponte clarified that the company did not halt the development of its stablecoin in February, as previously suggested by some media outlets. He acknowledged the pressures exerted by regulatory bodies such as the SEC and NYDFS on Paxos Trust, a key collaborator in the stablecoin issuance process. These regulators had pushed Paxos to sever ties with Binance, resulting in the cessation of Binance’s own dollar-pegged token.
The timing of PayPal’s stablecoin launch coincides with a challenging phase for the crypto market, characterized by a decline in liquidity over the past year and banking setbacks. The collapse of banks such as Silvergate, Signature, and Silicon Valley Bank has reverberated through the stablecoin market, with Circle’s USD Coin (USDC) experiencing fluctuations in its peg to the U.S. dollar.
Yet, da Ponte maintains that these tumultuous conditions actually paved the way for PayPal’s success. Leveraging its established infrastructure, regulatory compliance across multiple jurisdictions, risk management, and compliance measures, PayPal positions itself as uniquely equipped to navigate this intricate landscape. According to da Ponte, these assets will be pivotal in setting them apart from other players in the market.
PayPal’s New Crypto Stablecoin: A Golden Cage?
PayPal, the globally acclaimed digital payment platform, has thrown its hat into the crypto ring with the launch of its brand new stablecoin, $PYUSD. While the integration of crypto trading on PayPal signals a leap toward mainstream acceptance, a closer look at the intricacies suggests that all that glitters might not be gold.
The Real Puppet Master Behind $PYUSD
While PayPal is parading PYUSD around, it’s not their baby. In a surprising twist, PYUSD is actually the brainchild of a separate entity, Paxos. So, when you deal with PYUSD, you’re dancing to Paxos’ tunes, agreeing to their terms, and not PayPal’s. But wait, there’s more. PayPal has given itself the right to pull PYUSD from its platform without batting an eyelid. No warning, no fanfare.
The Power of the Centralized Code
The “assetProtection” function embedded within the $PYUSD stablecoin lets them play a freeze-or-wipe game with users’ funds. Imagine: one moment you’re checking your crypto balance, and the next, it’s gone. Poof!
The Illusion of Ownership
Here’s the twist in the tale: when you hold PYUSD in your PayPal account, you’re essentially holding a value promise, not the unique crypto tokens themselves. The real assets? Snugly sitting in PayPal’s—or their custodial provider’s—wallet. It’s like having a photo of a diamond without owning the diamond. You have the shine, but not the actual sparkle.
Watch Out for the Strings Attached
Thinking of celebrating that successful crypto transaction on PayPal? Hang on. They retain the right to backtrack, pulling the rug from beneath your feet, reversing transactions if:
- They smell a hint of prohibited activities.
- Your account is flagged or suspended.
- Shadows of illegal activities loom large.
- A court or government body rings the alarm.
Playing by PayPal’s Rulebook
With a cap of $100,000 on weekly crypto purchases and $10,000 for transfers, PayPal ensures you dance to their tunes. Their crypto-rulebook also clearly states a big “NO” to any transaction linked with funds that might smell of fraud, break laws, or rub shoulders with prohibited entities.
The Price of Convenience
While your PayPal account might flaunt those crypto balances, don’t get too attached. PayPal has subtly retained the right to play gatekeeper, restricting access, or even waving goodbye to your crypto services as they deem fit. And, in a shocking clause, they might even have a legal claim on your crypto treasures.
While the shimmering convenience of PayPal’s crypto venture might seem tempting, it comes with strings that might just tie users’ hands. For those true-blue crypto enthusiasts, it’s a trade-off between convenience and control. Before diving headlong into the PYUSD pool, one might want to check the depth and the potential whirlpools lurking beneath.
Why PayPal’s New Stablecoin, $PYUSD, is a Game-Changer for Web3 and the Financial Ecosystem!
In a landmark decision that could reshape the financial landscape, payment behemoth PayPal has launched its own stablecoin, $PYUSD, on the Ethereum blockchain. Here’s a deep dive into why this is more than just another cryptocurrency, but a signal of broader shifts to come.
Rise of Tokenized Assets
At the heart of the $PYUSD launch is an acknowledgment of the mounting demand from financial companies to tokenize assets. PayPal’s move solidifies the position of digitalized currencies, particularly as it aligns with the core operations of payment processors.
Beyond Digital Currency: The Trust Factor
PayPal isn’t a newcomer in the financial world. Processing over 40 million transactions daily and serving 400 million+ users globally, their dive into stablecoins lends credibility to the crypto sector. It’s not just about digitization, but about fostering trust in a new age of finance.
Also, Read – Huobi Wants to Be the First Exchange to List PayPal’s Stablecoin PYUSD
Why Ethereum and What It Signals
The choice of Ethereum, a public blockchain, over a private one, reveals the allure of network effects and decentralization. This isn’t just about embracing new technology, but an indication that major players see value in public blockchain ecosystems.
Understanding the Stablecoin Surge
With the stablecoin market valuation at an impressive $122 billion, its resilience and growth potential are undeniable. $PYUSD’s entry is poised to capitalize on this momentum, benefiting from the many advantages stablecoins have over traditional fiat.
$PYUSD isn’t taking any shortcuts. Backed by USD deposits, short-term US Treasuries, and other cash equivalents, it’s positioning itself as a trustworthy digital asset. This approach is likely to push its adoption, signaling the seriousness with which PayPal is taking this venture.
Echoing a Paradigm Shift in Finance
PayPal’s $PYUSD venture serves as a clear alert for other market players. The era of Web3 and stablecoins isn’t on the horizon; it’s here. The commitment from such a significant player indicates a tectonic shift, urging others to adapt or risk being left behind.
Strategic Partnership with Paxos
Joining hands with Paxos, PayPal aims to offer what is touted as the world’s safest dollar-backed digital asset. The collaboration stands as a testament to not just the aspirations of the two companies, but the evolving trajectory of the entire financial sector.
Also Read – PayPal Announces New Stablecoin ‘PYUSD’; Security Debate Triggered
Huobi Supports PayPal’s PYUSD Stablecoin Launch with Zero Trading Fees!

Huobi, a leading cryptocurrency exchange, has announced that it will support the launch of PayPal’s stablecoin, PYUSD. As part of this launch, Huobi will provide PYUSD and USDT trading pairs with zero trading fees permanently. Currently, there are 26.9 million PYUSD in circulation, with each coin backed by U.S. dollar deposits, short-term U.S. Treasury bonds, and similar cash equivalents. Huobi believes that the launch of PYUSD will be a significant step forward in promoting the adoption of stablecoins for payments and transfers. Huobi will open trading when market conditions and users are ready, as advised in their subsequent announcements.
PayPal’s New Stablecoin Under Scrutiny Before Launch: Ripple CTO Defends Security Feature
Paypal recently announced its own stablecoin, PayPal USD (PYUSD), the news came when the majority of the crypto assets are already facing security threats. As PayPal takes a significant step into the world of digital money, debates have emerged about the security and centralization aspects of its stablecoin.
PYUSD’s “Asset Protection” a Security Risk? Claims Many
No doubt that the launch of PYUSD will mark a notable move for PayPal, a leading payment platform based in San Jose, California. However, this development comes after the company’s initial entry into the cryptocurrency realm back in 2020. PYUSD, pegged to the value of the U.S. dollar and issued in collaboration with Paxos Trust, is poised to help the mainstream adoption of cryptocurrencies, given PayPal’s extensive user base.
On the other side, the introduction of the new digital asset has sparked discussions within the cryptocurrency community. Some have expressed concerns about a specific security feature within the PYUSD system, referred to as “asset protection,” which reportedly allows the freezing and elimination of an individual’s balance.
Ripple’s CTO Shed Light on Controversial Security Feature
This feature is highly criticized by experts who called it a “centralization attack vector,” underscoring the contrast between the decentralized nature of many cryptocurrencies and the potential centralization inherent in this particular aspect of PYUSD.
To clear the air, Ripple’s Chief Technologist, David Schwartz in his X post, has stepped in to provide insights into the security measures of PayPal’s stablecoin. Notably, Schwartz’s engagement follows his defense of the security features amid ongoing debate around the stability of PYUSD.
Although Schwartz did clarify that PYUSD’s centralization is connected to the fact that PayPal is obligated by law to convert PYUSD to USD. When asked about the controversial security measure, he added it was implemented to protect users from fraudulent tokens that PayPal is not legally bound to redeem.
New Coins, New Challenges!
However, this debate over PayPal’s stablecoin security features and its centralization characteristics intersects with the broader context of PayPal’s efforts to diversify its financial services. The introduction of its stablecoin aligns with PayPal’s pursuit of new avenues for growth, as it faces increased competition in the payments sector.
The company’s move into the stablecoin market might prompt other financial institutions, such as those mentioned in our previous report—Stripe, Amazon Pay, Venmo, Apple Pay, and Google Pay—to consider similar ventures in the realm of digital currencies.
PayPal’s entry into stablecoins raises critical questions regarding crypto security, centralization, and innovation. However, PayPal’s pledge to secure the financial world will be tested over time.
McHenry’s Call for Stablecoin Regulation Gains Momentum Amid PayPal’s Entry
Last month, the bipartisan approval of the Clarity for Payment Stablecoins Act, H.R. 4766, marked a significant stride in U.S. cryptocurrency regulation.
However, the bill’s subsequent stall in Congress disappointed U.S. Representative Patrick McHenry (R-N.C.), who has been advocating for stablecoin legislation even before assuming control of the House financial services committee.
Recent developments, such as PayPal’s introduction of its own stablecoin for payments, have reinvigorated McHenry’s push for a comprehensive regulatory framework for stablecoins.
Championing Stablecoin Potential: McHenry’s Call for Regulation
Patrick McHenry has consistently championed a supportive environment for the cryptocurrency market. He has questioned Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), and expressed concern about Gensler’s statements on spot Bitcoin ETF filings. McHenry’s latest focus has been on stablecoins, as he believes they hold great promise for modernizing the payments landscape.
McHenry emphasizes, “Stablecoins hold promise as a pillar of our 21st century payments system if issued under a clear regulatory framework.”
Addressing the urgency for stablecoin regulations, McHenry stresses, “Comprehensive digital asset regulation, especially for stablecoins, is crucial. Clear regulations and robust consumer protections are essential for them to reach their full potential.”
PayPal’s Entry into Stablecoin Realm
In a groundbreaking move, PayPal has entered the stablecoin market by introducing its Ethereum-based token, PYUSD. This U.S. dollar-pegged stablecoin is accessible to U.S. PayPal users, marking the first instance of a major financial entity launching its own stablecoin.
PYUSD is backed by Paxos Trust, a New York-based crypto financial services firm. The stablecoin’s value is supported by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
Within PayPal’s network, PYUSD can be seamlessly exchanged for dollars and converted into other cryptocurrencies like bitcoin, bitcoin cash, ether, and litecoin.
With these recent developments and McHenry’s unwavering advocacy, the push for stablecoin regulation gains momentum, underscoring the need for a clear and encompassing regulatory framework in the cryptocurrency landscape
PayPal Launches Its Own Stablecoin, PayPal Coin!

A digital payment giant has made a groundbreaking announcement by launching its stablecoin, “PayPal Coin.” This move demonstrates the growing acceptance and integration of stablecoins within the financial system. The stablecoin pegged to the US Dollar, will provide users with the benefits of traditional cryptocurrencies, such as instant transactions and lower fees, without the inherent volatility. PayPal Coin ensures a stable and predictable value, offering a reliable and efficient transaction method. With PayPal’s massive user base and global reach, the stablecoin could become a widely accepted means of payment.
Huobi’s Stablecoin Reserves Drop 30% as Company Grapples with Arrests
A week of chaos sees the stablecoin reserves of Huobi, a prominent digital asset exchange, decline by a significant 33%. This downturn in reserves, as tracked by the data analysis platform Nansen.ai, is concurrent with a withdrawal of roughly $49 million in stablecoins by traders.
An Unstable Stablecoin Reserve
At the dawn of the year, Huobi proudly boasted a balance of $3.1 billion. However, recent figures from DeFiLlama, a popular DeFi tracking site, indicate a sharp drop to approximately $2.5 billion. This decrease hints at the unstable nature of Huobi’s reserves amid mounting challenges.
A deeper dig into Huobi’s holdings sheds light on its investment preferences. The exchange’s most significant reserves lie in tokens linked to the business network of Justin Sun, the popular blockchain entrepreneur.
TRX, TRON’s native token, represents a substantial 26.5% of Huobi’s holdings. Additionally, the exchange’s proprietary token, HT, makes up 20.32% of the total reserve.
The Liquidity of Huobi’s Assets
Huobi’s portfolio consists of roughly $1 billion in easily convertible assets. DeFiLlama’s data reveal that the exchange’s most liquid assets are Bitcoin, amounting to $886.92 million, followed by $48.27 million in USDT (Tether), and $5.41 million in USDC (USD Coin).
The Detention Allegations
Adding to the exchange’s turmoil, famous Chinese blockchain journalist Colin Wu reported the detention of multiple top executives of offshore cryptocurrency exchanges by Chinese police. Despite the lack of specifics in Colin’s report, the news sparked widespread concern in the financial community.
Hong Kong’s financial media outlets reported over the weekend that several Huobi executives had been apprehended by Chinese law enforcement. This report has been met with denial from a Huobi spokesperson, who rebuffed allegations of any arrests within the exchange’s top management as outflows from the platform escalate.
In light of these recent events, Huobi appears to be grappling with its fair share of instability and controversy, making its journey in the crypto universe one to watch closely.
Ripio Launches Stablecoin in Argentina to Safeguard Against Inflation!
The post Ripio Launches Stablecoin in Argentina to Safeguard Against Inflation! appeared first on Coinpedia Fintech News
Ripio, a Latin American cryptocurrency services provider, has launched a stablecoin pegged to the USD on the LaChain blockchain platform specifically designed for the Latin American region. The stablecoin offers Argentinians a reliable store of value amidst rampant inflation in the country by providing them a means to hedge against inflationary effects. Ripio’s stablecoin represents a significant stride in promoting the further adoption of cryptocurrencies in Latin America. This latest initiative empowers the region to achieve financial stability by accessing secure and inflation-resistant digital assets.
USDC vs USDT- The Best Stablecoin & Will Tradecurve Have Its Own Stablecoin?
The stablecoin market capitalization sits at $126B with a trading volume of $33B, causing Tether (USDT) and USD Coin (USDC) interest to skyrocket. In this article, we will go into further detail on these stablecoins. Moreover, we will explore the potential for Tradecurve (TCRV) to introduce its stablecoin.
Summary
- Tether mints new 1B USDT coins on Tron
- USD Coin quantity drops by $100M
- Tradecurve to surge by 50x before its presale ends
What Is Tether (USDT)?
Tether (USDT) is a popular cryptocurrency classified as a stablecoin. Unlike many other cryptocurrencies, the Tether price is pegged to the value of a traditional fiat currency. It has gained popularity in the cryptocurrency market due to its stability and ability to trade between multiple currencies seamlessly.
In recent Tether news, over 1B USDT coins will be minted on Tron. This minting of USDT is a part of Tether’s “inventory replenish” operation on Ethereum, according to Paolo Ardoino, CTO of Tether.
In the past, the Tether coin has faced scrutiny regarding its transparency and reserve backing. However, USDT still maintains a dominant market share and widespread usage within the crypto industry.
What Is USD Coin (USDC)?
USD Coin (USDC) is another widely-used cryptocurrency that falls under the category of stablecoins. As the name suggests, USD backs each USDC, held in reserve by regulated financial institutions. Consequently, ensuring that the USDC price remains stable and tied to the USD at a 1:1 ratio.
The circulating quantity of USDC stablecoin has dropped by almost $100M during the last week. According to Circle, USDC redemptions totalled $1.4B during the seven days last Sunday, surpassing the $1.3B in new coins.
One key difference between USDC and USDT is its transparency and regulatory compliance. USDC is known for its strong adherence to regulatory standards, with regular audits and clear transparency regarding its reserves. Thus, USDC may have a brighter future.
Tradecurve (TCRV) and the Potential for Its Own Stablecoin
As a hybrid exchange that aims to revolutionize decentralized finance and trading, Tradecurve has garnered attention for its innovative approach. While there has been no official announcement regarding Tradecurve launching its stablecoin, many platforms are exploring the idea of introducing stablecoins. They often do this to enhance liquidity and ease of trading.
Benefits of Stablecoins for the Trading Platform
The introduction of a stablecoin by Tradecurve would offer several advantages. Firstly, it could provide users with a reliable and liquid asset to trade against other cryptocurrencies. Additionally, it could help mitigate the impact of market volatility and provide stability to the platform’s ecosystem.
This ecosystem contains plenty of components. One component is the copy trading feature, allowing users to subscribe to other traders and replicate their trades. Furthermore, it encompasses automated & AI trading bots users can subscribe to for increased profitability. These features have attracted over 16,000 users to register for Tradecurve so far.
Most importantly, Tradecurve places a particular focus on anonymity and efficiency. Tradecurve removes sign-up KYC checks and allows users to trade all derivatives on one account. Therefore, in complete privacy, traders can access multiple financial markets like the Forex one (valued at $753.2B in 2022).
TCRV – Long-Term Growth Potential
At the core of the platform’s ecosystem lies the TCRV utility token. Holding this token brings governance, staking rewards, and more. Currently, TCRV has a value of $0.025. Those who purchased it early on have gained a 150% ROI.
Besides these gains, those who buy the TCRV token now will also capitalize on its long-term growth. Unlike USDC and USDT, TCRV could see gains soon as experts forecast a 50x jump before its presale ends. If you wish to purchase this potential blue-chip token, sign up for it using the links below.
For more information about the Tradecurve (TCRV) presale:
US Crypto Regualtions : Republican Efforts on Stablecoin Legislation Stalled, No Deal Reached in Congress
Last month the Republican chair of the House Financial Services Committee introduced a new version of the primary U.S. legislative proposal aimed at regulating stablecoins. Notably, this draft incorporated certain ideas put forth by Democratic lawmakers, indicating a potential step towards bipartisan discussions. Many experts saw this as a significant development in the journey to establish U.S. regulation of cryptocurrencies.
Rep. Patrick McHenry (R-N.C.) has prioritized stablecoin legislation since last year, even before assuming control of the committee. However this bill reached a no deal in the US Congress much to his disappointment. Read on for more details.
Congressman McHenry Disappointed by No Deal on Stablecoins Bill
On Thursday, U.S. Congressman Patrick McHenry expressed his disappointment regarding the no deal on the payments stablecoins bill with Democratic Representative Maxine Waters. He attributed the failure to the Democrats’ unwillingness to compromise during negotiations. The bill, titled the ‘Clarity for Payment Stablecoins Act of 2023’, would have been referred to as such if it had been passed.
It has been reported by Brendan Pedersen on Twitter that there was commotion in the House Financial Services Committee due to insufficient votes. During the proceedings, Waters stressed the importance of a question of consideration and a recorded vote on the issue. McHenry attributed the failure to reach a consensus on important provisions as the cause for the no deal.
The proposed stablecoin bill presents the U.S. Federal Reserve as the key regulator responsible for setting requirements for issuing stablecoins, while granting state regulators powers to oversee issuing companies. It aims to establish comprehensive guidance on supervising and enforcing stablecoin markets in the United States, including a two-year moratorium for collateralized stablecoins.
The bill also limits who can issue payment stablecoins in the U.S., mandating reserves backed with various assets like the U.S. currency, insured demand deposits, Treasury bills, and central bank reserve deposits. To prevent stablecoin collapses, issuers must submit monthly certifications and examination reports by a registered public accounting firm.
Crypto Stablecoin Legislation Hits a Roadblock in the U.S: White House or McHenry to Blame?
The much-anticipated legislation on stablecoins has hit a significant roadblock in the United States. The question on everyone’s lips is – who is to blame for this legislative stalemate? Is it the White House or House Financial Services Committee Chair Patrick McHenry?
McHenry vs. White House: Crypto Bill Progress Amidst Stablecoin Stalemate
A bipartisan agreement on stablecoin legislation has eluded the House lawmakers, with Patrick McHenry (R-N.C.), the Chair of the Financial Services Committee, attributing the deadlock to the White House’s obstinacy. However, the committee’s leading Democrat countered this claim, suggesting that it was McHenry himself who brought the discussions to a halt.
McHenry expressed his disappointment as he revealed that he had intended to announce a consensus on stablecoin legislation with the committee’s senior Democrat, Maxine Waters (D-Calif.). However, due to what he described as the White House’s refusal to compromise, the negotiations had once again come to a standstill. While McHenry conveyed his dissatisfaction, he did not dive into the specifics of the disagreement with the executive branch.
He stated that a bipartisan agreement was almost achieved, noting that after 15 months of discussions, which were disrupted by midterm elections, a shift in majority control in the U.S. House of Representatives, and the fallout from the FTX collapse that rippled through the digital asset industry, they were nearer to a resolution than ever before.
Waters Criticizes McHenry and Raises Concerns Over Current Bill
The stablecoin initiative was initially perceived to have a higher chance of bipartisan approval than the crypto market structure bill passed on Wednesday, which nevertheless secured the endorsement of the committee with six Democrats and all Republicans. However, the stagnation in discussions may have dampened this prospect.
Waters vehemently criticized the stablecoin bill under review on Thursday, accusing McHenry of being “impatient” and labeling the current draft of the bill as “deeply problematic and bad for America.” Her criticism stemmed from a clause in the bill that permits state regulators to greenlight stablecoin issuances without the Federal Reserve’s involvement.
Furthermore, she expressed apprehension that the existing version of the bill, if enacted, could enable corporations like Amazon and Facebook to launch their own digital currencies.
Waters said, “The Fed does not support the bill, Treasury does not support the bill, and we do not have the support of those who asked us to get involved with stablecoins.”
The Republicans’ stablecoin bill faced intense scrutiny during Thursday’s markup, with Republicans advocating for its progression and Democrats expressing reservations at every procedural juncture.
Given that such legislation would likely require bipartisan backing to progress in the Senate, the committee’s attempt to openly negotiate the specifics of the bill highlights the persistent deadlock concerning U.S. stablecoin regulation.