![]() “This strategic move not only widens the reach of digital assets but also carries the potential to inject increased liquidity into the digital asset market, spurring adoption among businesses and individual consumers alike.” Stepping into the stablecoin realm represents a profound shift in how mainstream financial institutions perceive digital assets,” Goldi said. “PayPal is a worldwide payment powerhouse serving hundreds of millions. To get a better understanding of how PayPal entering the stablecoin arena will affect the cryptocurrency ecosystem, Kitco Crypto had a conversation with Ran Goldi, senior vice president of payments at Fireblocks. ![]() While Binance has distanced itself from BUSD and now recommends users adopt the newly issued stablecoin First Digital USD (FDUSD), the biggest story on the stablecoin front has been the release of PayPal USD (PYUSD) by digital payments provider PayPal. ordered Paxos, the company responsible for issuing BUSD, to halt minting any new tokens. Since then, algorithmic stablecoins like UST have all but disappeared from the market, and the third-ranked stablecoin by market capitalization, Binance USD (BUSD), experienced a fall from grace after regulators in the U.S. ( Kitco News) - The stablecoin landscape has undergone a significant shift over the past year and a half as the collapse of TerraUSD (UST) in May of 2022 shone a spotlight on the dangers that this subset of crypto-assets poses to the health of the broader crypto market. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter.
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