In Gemini’s latest “Weekly Market Update” released on August 11, 2023, several significant developments were highlighted in the cryptocurrency industry, marking a week filled with innovation and collaboration.
As of Friday, August 11, 2023, PayPal has become the first significant US financial firm to introduce its own US dollar-backed stablecoin, PayPal USD (PYUSD). The extension of PayPal’s crypto services, which currently include trading in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC), includes this latest addition.
Stablecoins are now the “killer application” for blockchain, according to PayPal Senior Vice President and General Manager of Blockchain, Crypto, and Digital Currencies Jose Fernandez da Ponte, and are “something we cannot just sit out.”
Other Notable Market Updates
Inflation for July 2023 Was Lower Than Expected: Inflation for July 2023 was lower than expected, with both the headline and core…
