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  • $PYUSD Stablecoin Surpasses $500m Market Cap 🅿️ - Issue #149

$PYUSD Stablecoin Surpasses $500m Market Cap 🅿️ - Issue #149

Issue #149: Web 3 News Headlines Of The Week📆

PayPal's PYUSD stablecoin has exceeded a $500 million market cap, driven by its recent expansion to the Solana network.

In a significant milestone, PayPal's PYUSD stablecoin has surpassed a market cap of $500 million. Launched in August 2023 through a partnership with Paxos, the stablecoin's supply has more than doubled from 230 million tokens at the end of 2023 to over 533 million this month. This rapid growth places PYUSD among the top ten stablecoin issuers, with Tether USD still leading the market.

PayPal USD(PYUSD) - Defillama

The surge in PYUSD's supply is partly due to its expansion to the Solana network in May. Currently, Solana hosts about 134.5 million PYUSD tokens, accounting for 25.2% of the overall supply. Additionally, the stablecoin has gained traction on centralized exchanges like Crypto.com and within decentralized finance protocols such as Curve and Frax, further boosting its adoption and market presence.

Botanix Labs Ecosystem Of DeFi Applications💰

Botanix Labs is developing an EVM-compatible Layer 2 on Bitcoin, enabling Ethereum smart contracts on the Bitcoin network to bolster its DeFi capabilities.

Bitcoin is stepping into the DeFi space with innovative developments from Botanix Labs, founded by Willem Schroé. The lab is creating an EVM-compatible Layer 2 on Bitcoin, enabling users to deploy Ethereum smart contracts on the Bitcoin network. This initiative aims to position Bitcoin as a significant platform for decentralized finance applications.

Schroé discusses the potential of Bitcoin-native ecosystems to support DeFi applications, envisioning a future where Bitcoin can host complex financial activities traditionally reserved for Ethereum. As Bitcoin continues to evolve, these developments could broaden its use case and attract more users to its network.

GOP Embraces Crypto🇺🇸

The U.S. Republican Party's 2024 platform supports the crypto industry, pledging to defend Bitcoin mining and oppose Central Bank Digital Currencies.

The U.S. Republican Party has officially supported the cryptocurrency industry in its 2024 election platform. Released on Monday, the platform promises to end what it describes as an "unlawful and un-American crackdown" on the U.S. crypto sector. It also pledges to defend the rights to mine Bitcoin and self-custody digital assets, opposing the creation of Central Bank Digital Currencies (CBDCs).

This move follows several pro-crypto gestures by the Trump campaign, including promises to pardon Silk Road creator Ross Ulbricht and meetings with Bitcoin miners. The GOP's stance aims to attract crypto-focused voters amid a contentious election season, signalling a potential shift in the regulatory landscape for digital assets.

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Coinbase Unveils All-in-One Crypto Management Platform🔵

Coinbase has launched a new web app to simplify crypto asset management by integrating multiple wallets and on-chain activities into a single platform.

Coinbase has introduced a new web app designed to serve as a comprehensive platform for managing crypto assets. Announced Thursday, the app allows users to connect multiple wallets and manage their entire crypto portfolio, including tokens, NFTs, and DeFi positions, from a single interface.

The app's launch follows feedback from users seeking an easy-to-use hub for their on-chain activities. Senior Director of Product Management, Sid Coelho-Prabhu, emphasized the goal of bringing Coinbase's 100 million users on-chain.

The new platform aims to simplify the user experience, providing a centralized destination for buying, trading, and engaging with the broader crypto community.

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