Global payments titan PayPal has unveiled plans to launch its own stablecoin pegged to the U.S. dollar. Called PayPal USD (PYUSD), the stablecoin is set to be based on the Ethereum network and be backed by short-term U.S. Treasuries, dollar deposits, and other cash equivalents.

According to blockchain analytics company, Glassnode, long-term Bitcoin holders now have a record 14.599 million BTC, with the amount held by these long-term holders growing by $1.274 billion last week.

The world’s longest-running Bitcoin exchange, Bitstamp, is reportedly in talks to raise funds in a process that started in June with Galaxy Digital Holdings advising the firm on the initiative. The aim is to introduce derivatives trading in Europe and grow its presence in Asia and the UK.

Top stories in the Crypto Roundup today:

• PayPal to Launch Its Own Ethereum-Based Stablecoin PYUSD
• Bitcoin Held by Long-Term Holders Reaches Record High Amid Low Volatility
• Bitstamp in Fundraising Talks to Launch Derivatives and Expand

PayPal to Launch Its Own Ethereum-Based Stablecoin PYUSD

Global payments titan PayPal has unveiled plans to launch its own stablecoin pegged to the U.S. dollar. Called PayPal USD (PYUSD), the stablecoin is set to be based on the Ethereum network and be backed by short-term U.S. Treasuries, dollar deposits, and other cash equivalents.

PayPal’s US-based users are set to soon be able to explore the new offering, which is set to facilitate transfers between PayPal and other compatible digital wallets. Users will be able to pay for goods and services using PYUSD, or convert them to any of PayPal’s support cryptocurrencies.

The stablecoin, according to PayPal, will be available to an "already large and growing community of external developers, wallets and web3 applications," and can be adopted by cryptocurrency exchanges.

The token is set to be issued by New York-based crypto financial services firm Paxos Trust, the same firm that issued Binance’s BUSD stablecoin.

PYUSD is set to first be available on PayPal, before reaching the company’s popular Venmo app.

According to PayPal, beginning in September 2023 Paxos will “publish a public monthly Reserve Report for PayPal USD that outlines the instruments composing the reserves.” It will also publish “a public third-party attestation of the value of PayPal USD reserve assets.”

Bitcoin Held by Long-Term Holders Reaches Record High Amid Low Volatility

According to blockchain analytics company, Glassnode, long-term Bitcoin holders now have a record 14.599 million BTC, with the amount held by these long-term holders growing by $1.274 billion last week.

Long-term holders are defined as those who have kept their Bitcoin for at least 155 days as research from the firm has shown addresses holding for this period are less likely to spend or sell their coins. Currently, these holders have about 75% of Bitcoin’s circulating supply.

In February, long-term Bitocin holders controlled around 78% of the cryptocurrency’s circulating supply. Checkmate, a pseudonymous on-chain analyst at Glasnode, has also noted that Bitcoin’s realized volatility is now at historical lows.

Realized volatility measures the price fluctuations of an asset over a set time frame and is usually determined by assessing the differences between consecutive closing prices.

Bitstamp in Fundraising Talks to Launch Derivatives and Expand

The world’s longest-running Bitcoin exchange, Bitstamp, is reportedly in talks to raise funds in a process that started in June with Galaxy Digital Holdings advising the firm on the initiative. The aim is to introduce derivatives trading in Europe and grow its presence in Asia and the UK.

The company’s CEO, Jean-Baptiste Graftieaux, said in a statement the firm isn’t for sale, but that its current priority is to “raise money through strategic investors to accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”

Galaxy Digital has previously advised other crypto firms, including Pantera, which sold a part of its Bitstamp shares to Ripple this year. Bitstamp was launched back in 2011 and now stands as the world’s longest-running exchange.

The firm was acquired in 2018 by a European firm, NXMH, while in the US it has managed to acquire a coveted BitLicense, allowing it to operate in the state of New York.

State of the Crypto by Top Tier Exchange Volume

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