Today’s crypto news roundup brings us a series of significant events that have shaped the digital currency landscape. PayPal made a groundbreaking entry into the stablecoin market with the introduction of its Ethereum-based stablecoin, PayPal USD (PYUSD). This marks the first time a major financial institution is issuing its own stablecoin, which is pegged to the U.S. dollar and backed by assets like U.S. dollar deposits and short-term Treasuries. Meanwhile, Kenyan authorities have taken action against Worldcoin, a project co-founded by Sam Altman, CEO of OpenAI. Huobi is facing challenges as rumors circulate about the arrest of several of its executives in China, and Curve Finance has managed to recover 73% of the funds lost in a recent hack. These pivotal moments offer insights for both crypto enthusiasts and traditional finance observers.
The move marks a significant milestone as it’s the first time a major financial institution is issuing its own stablecoin, said PayPal. Despite these challenges, Worldcoin’s token (WLD) remains stable, and Curve Finance’s recovery efforts demonstrate the resilience and collaborative spirit within the crypto community.