PayPal's stablecoin, PYUSD, has experienced rapid growth on the Solana blockchain, surpassing $600 million in market capitalization.

This surge positions PYUSD as a potential challenger to Tether's USDT, which has long dominated the Solana stablecoin market.

To further bolster its position, PayPal has partnered with Anchorage Digital to offer stablecoin rewards to institutional investors. This move aims to attract more institutional capital to PYUSD and potentially sidestep certain U.S. banking regulations. The partnership comes amid growing interest in crypto products among institutional investors, fueled by the recent launch of spot Bitcoin ETFs.

Base Boosts Solana with $EURC Transactions 🪙

Coinbase has announced plans to enable direct conversions between the euro and the EURC stablecoin on August 28th.

This move will allow users to exchange euros for EURC easily and vice versa at a one-to-one ratio. EURC pegged to the euro's value, is designed to offer a stable and reliable alternative to traditional currencies.

The introduction of EURC conversions on Coinbase aligns with the European Union's new Markets in Crypto Assets (MiCA) regulation, ensuring the stablecoin complies with the region's regulatory framework. Coinbase will also introduce a new EURC-USDC trading pair, making it easier for users to swap between these two popular stablecoins.

China Extradites Crypto Scam Leader 🧑‍💻

A Chinese suspect has been extradited from Thailand for allegedly orchestrating a massive $14 billion cryptocurrency pyramid scheme.

The individual surnamed Zhang, lured investors with promises of high returns and managed to amass over 10 million members before being caught.

The extradition marks a significant milestone in China's efforts to combat financial crimes involving cryptocurrencies. The Chinese authorities have been actively cracking down on illegal crypto activities, including pyramid schemes and money laundering, in recent years. This case highlights the international cooperation required to address the global challenges posed by crypto-related fraud.

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Binance Strengthens Compliance with 1,000 New Hires 🔺

Binance, the world's largest cryptocurrency exchange, has announced plans to hire 1,000 new employees this year to bolster its compliance efforts.

This significant expansion comes in response to increased regulatory scrutiny and the need to address past violations.

The company aims to invest over $200 million in compliance initiatives, including efforts to strengthen its systems for preventing illicit activities and addressing allegations from regulatory agencies. Binance has already entered into a plea deal with the U.S. Department of Justice and is working to comply with the terms of the agreement.

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