PayPal recently launched a USD-backed stablecoin, making it the first stablecoin issued by a major US financial institution. The new asset, called PayPal USD, is available to eligible US users, enabling them to transfer the stablecoin between PayPal and compatible external wallets.
In more news from TradFi, ETH ETFs are on the rise. Following the recent filings of Bitcoin ETF applications in the US, there has been a rise in Ethereum futures ETF applications, with 11 filings submitted in less than a week. Firms include ProShares, VanEck, and Grayscale.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
Want more? Get weekly Market and DeFi Updates from Crypto.com’s Research Team.
News Snaps
Crypto.com and Xsolla Integrate Payment Solutions for Gaming
Crypto.com has announced its partnership with global video game commerce company Xsolla to integrate Crypto.com Pay with Xsolla’s Pay Station platform. The integration will enable developers and players to accept crypto payments and securely streamline transactions.
Aptos Token Surges on Microsoft Partnership
Aptos (APT) surged around 15% on Wednesday after the network announced a partnership with Microsoft (MSFT). The surge comes ahead of a supply unlock: Just over 2% of the APT supply — worth US$33 million at current prices — is set to be unlocked on August 12 at 5:30 a.m. UTC.
New Tether Mining Software Unveiled
Tether has recently unveiled mining software to boost efficiency and capacity. Developers are set to release innovative JavaScript libraries created to facilitate the transmission of commands and signals to Bitcoin mining hardware, including WhatsMiner, AvalonMiner, and Antminer.
Stablecoin Market Cap Set to Skyrocket, According to Bernstein
In other stablecoin news, private wealth management firm Bernstein projects the stablecoin market could grow by 2,140% toward US$3 trillion in assets by 2028.
What’s Ahead
Upcoming US Crypto Tax Update
Tax news for our friends in the States: Staking rewards should be counted as income in the year the investor gains control of the tokens, according to a ruling issued last week by the US Internal Revenue Service (IRS).
Chart of the Week
Unique address interactions with real-world asset (RWA) tokens on the Ethereum blockchain have been rising, as shown in the chart above.
RWA is a promising application for blockchain technology that is gaining traction. It typically refers to the utilization of distributed ledger technology like blockchain to track physical and intangible assets, with performance and valuation derived from sources outside the blockchain.
Research & Insights
Monthly Feature Article | Real-World Assets: Bringing Real-World Value to DeFi
Key Takeaways:
- The real-world asset (RWA) market is gaining steam, as the on-chain RWA is projected to reach US$4 trillion to US$16 trillion by 2030, according to a report by Boston Consulting Group.
- RWA tokens are essentially representations of assets that are not inherently native to a blockchain, and they differ from volatile assets commonly associated with cryptocurrencies.
- The process enables any valuable asset to be tokenized and utilized for on-chain transactions, leading to the prediction that almost everything could be tokenized within five to 10 years.
There is a wide variety of real-world assets with different characteristics, some of which are listed in the table below.
Check out our report on RWA: Real-World Assets: Bringing Real-World Value to DeFi.
NFT Spotlight
If you are ready, 3D animator 2J STARY invites you to take another ride on the bumpy road through his head to experience what he has over the last three years of his work. Dropping on Monday, August 14, ‘Inside the mind II’ showcases what surrounds him on a daily basis in a colorful and funny way — and in stark contrast with the general theme of his works.
This drop features 🪂 NFT airdrops, and early access for holders of previously released 2J STARY collections starts 60 minutes before the scheduled drop time.
Are you ready?
“Dress warmly and take some snacks with you.” —2J STARY, always giving good advice
If you are ready. If not, there’s always more than one trip to take.
Product Picks
EUR Transfers Now Enabled on the Crypto.com Exchange
The wait is over for retail traders to make EUR fiat deposits and withdrawals to and from their Crypto.com Exchange account. Transfer as little as €1 and enjoy a vast array of benefits while trading EUR pairs for BTC, ETH, and USDT on the Exchange. Terms, conditions, and eligibility apply. Learn more here.
Crypto.com App New Token Listings
BRICKS is r/FortniteBR’s version of Community Points. It is a way for users to be rewarded for their contributions to the subreddit. It can be earned, tipped, won, collected, and spent on unique items within the community. The token also represents your voting power in governance polls.
Crypto Level Up
What Is Worldcoin?
Worldcoin — co-founded by Sam Altman, the creator of ChatGPT — is an innovative cryptocurrency project that aims to provide a convenient way for people worldwide to verify their identity and differentiate themselves from bots and algorithms. More details on this platform below.
World ID
World ID is the cornerstone of the Worldcoin project. Users receive one after they scan their iris using a device called the Orb. The IDs are also added to the Worldcoin blockchain, ensuring reliability and security.
World App
This is where users obtain their World ID, which is currently running on the Polygon blockchain in its beta phase. However, World App is set to migrate to Optimism during its full rollout.
Worldcoin Token (WLD)
WLD, the native token of the Worldcoin blockchain, acts as an incentive for users to grow the network. A total of 10 billion WLD will be issued across 15 years, and as of late July 2023, there are 143 million WLD in circulation.
Find Out More About Worldcoin.
CryptoIRL
We’ll take ‘Things That May Soon Erupt’ for $200, please. This trivia category moment brought to you by @PierreSamaties and the Crypto.com Icy White Visa Card.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Decoder
Coins vs Tokens
While many people use the phrases ‘crypto coin’ and ‘crypto token’ interchangeably, they’re not the same thing.
Crypto coins are a form of digital currency that are often native to a blockchain, with the main purpose of storing value and working as a medium of exchange.
Crypto tokens are digital assets that are built on top of an existing blockchain (using smart contracts) and can serve a wide variety of functions, from representing a physical object to granting access to platform-specific services and features.
This Week in Crypto History
Bitcoin Becomes Principal Holding in MicroStrategy’s Treasury Reserve
On August 11, 2020, American business intelligence company MicroStrategy announced that it purchased 21,454 bitcoins (BTC) for a total of US$250 million. The purchase was part of MicroStrategy’s overarching capital allocation strategy, and the pioneering cryptocurrency would become the firm’s primary treasury reserve asset.
Today, MicroStrategy holds around 152,000 BTC, worth over US$4.4 billion at the time of writing. During this three-year period, the organization only sold a fraction of its holdings. Other businesses that have actively invested in BTC include Block and Tesla.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
