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PayPal's Stablecoin, UK's Stablecoin Regime, Worldcoin Integration, USDC Outside US, Blockchain.com's License, and More!
The world of cryptocurrency continues to expand and evolve. This week we present some monumental steps taken by various organizations around the globe. From PayPal's brand new stablecoin to the UK's central bank forging ahead with stablecoin plans, here's everything you need to know:
1. PayPal to Launch Dollar-Pegged Crypto Stablecoin on Ethereum
PayPal has announced the introduction of PayPal USD (PYUSD), a U.S. dollar-pegged stablecoin that will be available to PayPal users in the U.S. This Ethereum-based token is issued by New York's Paxos Trust and can be exchanged for dollars or other cryptocurrencies on PayPal's network. PYUSD will be first available on PayPal and later on Venmo. Read More
2. UK's Central Bank Advances with Systemic Stablecoin Regime
The Bank of England (BoE) has indicated that it will continue with its plans to create a systemic stablecoin regime. The newly passed Financial Services and Markets Act 2023 empowers the BoE to set up and oversee a stablecoin system, working in conjunction with the Financial Conduct Authority (FCA). Read More
3. Worldcoin Eyes More Integrations in Coming Months
Worldcoin, known for its iris scan technology that provides users with a digital ID, expects more companies to integrate its services in the second half of the year. The project aims to enable instant verification online and could eventually contribute to the issuance of a universal basic income (UBI). Read More
4. Circle CEO Reports 70% of USDC Adoption Outside the US
Jeremy Allaire, CEO of Circle, revealed that about 70% of USD Coin (USDC) adoption comes from countries outside the United States, especially in emerging and developing markets such as Asia, Latin America, and Africa. Read More
5. Blockchain.com Secures Payment License from Singapore Central Bank
Crypto exchange Blockchain.com has obtained a payments license from the Monetary Authority of Singapore (MAS), making it the twelfth digital payment token service provider in the country. This allows Blockchain.com to offer digital payment token services to institutional and accredited investors in Singapore. Read More
These developments are reflective of the wider acceptance and regulatory advancements in the crypto world. We hope you found these insights valuable. Stay tuned for more updates next week.
This newsletter is sponsored by QuickNode: Build your Web3 app with first-in-class blockchain infrastructure & developer tooling, using QuickNode's global, multi-chain platform.
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