In a move signaling the significant shift towards digital currencies, PayPal has announced the launch of its U.S. dollar-backed stablecoin – PayPal USD (PYUSD). This development, announced by PayPal directly, adds a new dimension to the emerging potential of regulated, fully-backed stablecoins in transforming payments in digitally native environments like web3. The news comes after The post PayPal launches ERC20 stablecoin ‘PYUSD’ with Paxos appeared first on CryptoSlate.

The exchange-traded digital asset market has seen considerable outflows this week, marking a total of $107 million, illustrating an accelerated pace of ongoing profit-taking over the past weeks. CoinShares’ Digital Asset Fund Flows Weekly report stated that Bitcoin took center stage with outflows amounting to $111 million, recording the most significant weekly outflows since March The post Largest Bitcoin ETP outflow since March as profit taking continues appeared first on CryptoSlate.

Claims about crypto exchange Huobi’s financial health and its executives’ legal entanglements have fueled market speculation over the weekend. Huobi has been witnessing continued outflows from its total locked-up value (TVL), dropping to $2.4 billion from a level of $3 billion in July. As reported by FX168 Financial News, there have now been rumors that The post Huobi insolvency rumors as USDT reserves decline on all exchanges except Binance appeared first on CryptoSlate.

Amid the evolving landscape of crypto regulation in the United States, financial technology company Revolut has announced it is “suspending” crypto services in the US. A Revolut spokesperson told CryptoSlate, the company, together with its US banking partner, will suspend access to cryptocurrencies for its US customers starting Sept. 2, 2023, specifically, “As a result The post US exodus continues as Revolut ‘suspends’ crypto access in country amid regulatory uncertainty appeared first on CryptoSlate.

Leading cryptocurrency exchange, Coinbase, is set to file a motion to dismiss the ongoing lawsuit from the Securities and Exchange Commission (SEC) in its entirety. Uncovered in their recent shareholder letter, this bold counteraction forms part of a broader strategy as Coinbase navigates the crypto industry’s complex and turbulent regulatory seas. “Coinbase will be filing The post Coinbase to file motion to dismiss SEC lawsuit in its ‘entirety’ appeared first on CryptoSlate.