Despite the entry of payment giant PayPal (PYPL) into the stablecoin market, bitcoin and ether have remained little changed over the past 24 hours, a sign of the tepid market. “The prevailing outlook suggests that in the absence of an ETF-triggered catalyst or substantial cryptocurrency-related drama, these price levels could persist for an extended period,” said Matteo Bottacini, at Crypto Finance AG.
PayPal USD (PYUSD) is the latest stablecoin to come to market. It is an Ethereum-based token that will soon be available to PayPal users in the U.S. This is the first time a major financial company is issuing its own stablecoin. Users can transfer PYUSD between PayPal and supported external digital wallets, use the tokens to pay for goods and services or convert any of PayPal’s supported cryptocurrencies to and from PYUSD.
Crypto exchange Bitstamp is raising capital to expand the number of markets it serves around the world. CEO Jean-Baptiste Graftieaux said in a statement to Bloomberg, “Our current and exclusive 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.” Bitstamp will use the funds to launch a licensed derivatives trading operation in Europe and expand into more markets in Asia.