PayPal USD Now On Solana | Key Points | May 30, 2024

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Feature News: PayPal USD Now on Solana

PayPal announced at Consensus 2024 that its stablecoin, PYUSD, is now available on the Solana blockchain, the goal of which is for increasing transaction speed and reducing costs.

What are the first onramps to PYUSD on Solana?

The following platforms will allow users to buy PYUSD on the Solana blockchain:

Crypto.com
Phantom
Solana

Phantom sent this tweet earlier:

Why did Paypal do this?

PayPal said this allows for more flexibility – multiple blockchains could enhance user control over their transactions.
High transaction speed and low cost makes Solana an ideal major blockchain for PYUSD.

What can users of PayPal and Venmo expect?

Venmo is a finance app in the U.S. similar to GCash or Maya in the Philippines.
Users on Venmo and PayPal will only see a unified balance regardless whether the PYUSD that they hold is on Solana or Ethereum.

More news in today’s crypto news recap:

Local News: Tambay NFT Teases New Season and Brand Partnerships

The Filipino non-fungible token (NFT) collection, Tambay NFT, is set to launch a new series for its second season, focusing on Filipino financial practices. The collection will mint 5,000 NFTs, with the whitelist currently open.

Regulation

The Senate Committee on Capital Markets calls for cryptocurrency regulation in Nigeria to ensure accountability and investor protection, emphasizing the necessity of regulating crypto trading due to its prevalence among Nigerians.
Former FTX executive Ryan Salame, a key figure in the cryptocurrency company’s downfall, has been sentenced to 90 months in prison for violating political campaign finance laws and running an illegal money-transmitting business. Salame, who served as co-CEO of FTX’s Bahamian subsidiary, was found guilty on seven fraud and conspiracy counts related to FTX’s failure, described as one of the largest financial frauds in US history.

DeFi

Aperture Finance, a decentralized finance (DeFi) platform, has secured Series A funding totaling $12 million, valuing the project at $250 million. It is pioneering AI-powered intents to simplify complex DeFi operations, allowing users to specify desired outcomes rather than traditional transactional methods.
Anzen Finance has secured a $4 million seed funding round led by prominent investors like Mechanism Capital, Circle Ventures, and Frax, among others, to drive its mission of integrating Real World Assets (RWA) into the DeFi ecosystem.
Aave unveiled Aave V4, introducing a unified liquidity chain in the DeFi space, consolidating liquidity across markets for enhanced efficiency and accessibility.
The Uniswap Foundation’s disclosure of its $41.41 million asset pool has sparked anticipation and debate within the DeFi community ahead of a crucial protocol vote on activating fees, highlighting the balance between enhancing value accrual for UNI token holders and potential impacts on liquidity provision.

Web3 Gaming

Param Labs and Pixelverse have partnered to enhance the web3 gaming experience by integrating Pixelverse’s IP into Param Labs’ shooting game, Kiraverse, aiming to reward committed gamers with tokens and promote engagement within the Web3 community.
Supervillain Labs receives funding from Aptos Labs, Neowiz’s Intella X, and other investors, validating its ability to create top-tier blockchain games with a trust-centric approach in the Web3 sector. This investment will support the global launch of its Web3 games, including Supervillain: Idle RPG, using Aptos technology for transparent item management and fair rewards distribution.

Artificial Intelligence

The Cyberspace Administration of China has unveiled “ChatXiPT,” a new chatbot AI designed to answer questions related to Xi Jinping’s thought, merging seven databases including one on the president’s doctrinal corpus.
OpenAI announced the establishment of a safety and security committee to advise on critical decisions regarding its AI projects, following recent controversy over AI safety. The committee includes company insiders and board members and will evaluate and enhance OpenAI’s processes and safeguards, with recommendations due in 90 days.
Abu Dhabi-based VGLNT has launched the Middle East’s first AI fact-checking tool to combat misinformation and promote media accuracy. Developed in response to the growing influence of digital platforms and the global challenge of misinformation, VGLNT provides real-time validation and validity rankings for content.

Noteworthy

Binance France undergoes restructuring with new shareholders aiming to comply with French regulations ahead of MiCA implementation.
Gala Games expressed gratitude towards Binance for their collaboration in identifying the perpetrator behind a recent $200 million hack, highlighting their joint commitment to transparency and accountability in the blockchain space, following a significant theft in the Web3 gaming industry.
Animoca Brands, Animoca Brands Japan, San FranTokyo, and MyAnimeList have formed a strategic partnership to launch Anime Foundation, a collectively-owned cultural protocol for anime and manga bridging Web2 and Web3, aiming to create new opportunities and experiences globally.

This article is published on BitPinas: PayPal USD Now on Solana | Key Points | May 30, 2024

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