PayPal Launches Its Own Stablecoin
PayPal, one of the world’s leading companies in payment services, has implemented the stablecoin project it announced last year. Paxos, the company we remember from BUSD, will mint the stablecoin. PayPal announced that PayPal USD users will be able to transfer their stablecoins between compatible external wallets and PayPal and make their purchases with stablecoins. In addition, PayPal was the first among major US-based financial companies to issue its stablecoin. Since 2021, the company has also been offering crypto services.
Circle CEO Makes Important Statements
Circle CEO Jeremy Allaire made some statements on Twitter. Allaire stated that they estimate that 70% of the USDC adaptation, their company’s stablecoin, is outside the US. Commenting on the PayPal news, Allaire stated that it is good that such large internet and payment companies are joining the stablecoin world and that such developments will occur if regulators provide clarity and clarity. Allaire also expressed his concerns about USDC liquidity in another tweet. While 5 billion USDCs were printed last month, 6.6 billion USDCs were bought back, he said. Allaire explained that they are also expanding their liquidity network and global banking, working with high quality major banks and audit firms.
Digital Asset Funds See Outflows This Week
Digital asset funds saw a 3. While there has been an exit for consecutive weeks, we see that this exit is quite high compared to the others. While a total outflow of 107 million dollars was realized, the report stated that the acceleration of the profit-taking process was one of the factors that caused this sale. Bitcoin products led the outflows with 111 million dollars, the highest outflow since March. Altcoins saw more positive movement, with the exception of Ethereum, while Solana saw an inflow of $9.5 million.
Chainlink Continues to Shine in Developer Activity
On the LINK side, which has experienced significant movements with the CCIP project, we see that positive movements continue in on-chain data and have risen to the highest level in history. Chainlink continues to rise in developer activity, according to Santiment data. LINK has risen from 1579 to 1707 in the 2-month period with the rise it has realized since May in this area. The number of developers, which was 1998 as of last week, has managed to increase to over 2000 in the past weeks.
BITCOIN(BTC)
Bitcoin is priced at $ 29,134 with a 0.20% gain in value as of today morning hours. Although the horizontal movement continues in Bitcoin, we see that 28,800 was retested with yesterday’s decline and that it made a quick return after staying strong here. In BTC, we can say that the 29,300 region, which we are currently near, is a place that has seen intense selling pressure recently, and with the rises that will come from here, we can rise up to the test of the 29,500 level, but if we face selling pressure again at 29,300, we can say that we can see a pullback towards 29,000 support.
ETHEREUM (ETH)
ETH, which gained 0.38% as of morning hours, is priced at $ 1836. In Ethereum, the 1845 level was tested again with the rapid return following the retreat to $ 1800 levels yesterday, but the upward breakout did not occur. In order to overcome this pressure on Ethereum, the downward movement of the descending movement that has been going on for 20 days after the 1845 region must be broken.
