Euroclear and Paxos are preparing for the launch of the Bankchain service that is expected to deliver lower costs and lower risk for the London gold market.
Paxos received the in-principle approvals (IPAs) of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) to offer USD-backed stablecoins among other crypto services.
The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market.
HSBC’s foray into blockchain technology differentiates it from previous attempts by other financial institutions to streamline gold investing.
Despite entering the list of approved digital assets, PayPal’s PYUSD stablecoin may not experience the instantaneous adoption initially anticipated following the launch.
Binance will delist BUSD as a loanable asset on September 6 and will suspend withdrawals of Binance-pegged BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron on September 7.
US House leadership is calling for robust regulatory framework for the new PayPal stablecoin despite being on opposing ends of the discuss.
PayPal’s recent entry into the stablecoin arena with PYUSD is marked by both anticipation and caution. Despite the promising prospects of stablecoins, challenges, and uncertainties loom on the horizon.
PayPal assures its users that PYUSD is fully backed by USD, reserve with funds supporting the stablecoin, while addressing concerns about issuing unbacked tokens.
The market capitalization of the flagship cryptocurrency recently hit levels greater than that of all other cryptocurrencies combined.
The decision coincides with the announcement of stricter crypto regulation by the Canadian Securities Administrators (CSA).