- PayPal introduces U.S. dollar stablecoin, PYUSD, on Ethereum.
- Major financial institutions file for Ethereum futures ETFs with the SEC.
PayPal Embraces Ethereum: The PYUSD Initiative
With stablecoins and digital assets gaining regulatory clarity in the U.S., institutional investors, especially the likes of hedge fund powerhouse BlackRock, are plunging into the digital asset realm. Amidst this transformative financial landscape, payment titan PayPal is pushing the envelope.
ETH has more bullish tailwinds than any other project at the moment, whether you agree with those narratives or not.
Worldcoin, PYUSD from PayPal, a massive rush of ETF filings etc.
You can choose to hate ETH, but it’s one of the easiest bets for the next true bull.
— The Wolf Of All Streets (@scottmelker) August 11, 2023
Beyond facilitating transactions in Bitcoin, Ethereum, and Bitcoin Cash for its vast user base, PayPal has taken another transformative step. On August 07, they unveiled their U.S. dollar-pegged stablecoin, PayPal USD (PYUSD). This Ethereum-based ERC-20 stablecoin, being fully backed by the U.S. dollar, assures users of a 1:1 redeemability.
Moreover, this digital token’s introduction aligns with the essence of blockchain – enhancing transactional transparency and efficiency. PayPal’s CEO, Dan Schulman, affirmed the necessity of a digital yet stable instrument connecting seamlessly to traditional fiat systems like the U.S. dollar. However, PYUSD’s launch is not devoid of criticisms. Concerns have arisen regarding certain command inclusions in its source code, potentially compromising user balance security.
Ethereum ETF Filings: The Rising Trend
In another vein, the crypto community is abuzz about the potential of Ethereum futures ETFs, even as the spotlight shines brightly on spot Bitcoin ETF applications.
Esteemed financial institutions such as Volatility Shares, Bitwise, and VanEck have proactively submitted applications for listing their Ethereum futures ETFs. For the uninitiated, Ethereum Futures ETFs represent bundled contracts grounded on Ethereum’s anticipated price trajectory, offering investors an avenue to speculate on Ethereum’s price fluctuations without directly holding the cryptocurrency.
Recent revelations indicate the U.S. Securities and Exchange Commission (SEC) is poised to evaluate Ethereum futures ETFs candidly. However, the crypto community must proceed with caution, as the SEC’s openness does not guarantee approvals. The changing stance of the SEC, especially after initially halting companies from venturing into ether futures ETFs, has raised eyebrows, puzzling industry veterans.
One pivotal player in this unfolding narrative is Volatility Shares. Having earned the SEC’s nod for the first leveraged Bitcoin futures ETF, they are spearheading the current wave of Ethereum ETF filings, signaling promising prospects for Ethereum and the broader crypto ETF space.
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