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On 29 May 2024, the Gemini exchange, founded by Tyler and Cameron Winklevoss, reported a significant development for users of its Earn program. According to a blog post published by the company, Earn users received $2.18 billion worth of digital assets. This recovery, which represents 97% of the digital assets owed to users, marks an important step following the Genesis bankruptcy.
The stablecoin market capitalization has reached its highest level since April 2022, following eight consecutive months of growth, according to the latest issue of CCData's "Stablecoins & CBDCs" Report. The report highlights a 0.63% increase from the start of the month, bringing the stablecoin market cap to $161 billion.
On 29 May 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced that its stablecoin, PayPal USD (PYUSD), is now available on the Solana blockchain. Data from the blockchain analytics platform Artemis highlights Solana as the most used blockchain for stablecoin transfers, making it an ideal platform for PYUSD as it continues to be utilized for various payment applications.
Top stories in the Crypto Roundup:
- Gemini's $2.18B Return: Earn Users Recover 97% Now, Full 100% In-Kind Expected
- Stablecoin Market Cap Hits $161 Billion, Its Highest Level Since April 2022
- PayPal Expands Its PYUSD Stablecoin to the Solana Blockchain
- Mastercard's Crypto Credential Pilot Goes Live
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Gemini's $2.18B Return: Earn Users Recover 97% Now, Full 100% In-Kind Expected
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On 29 May 2024, the Gemini exchange, founded by Tyler and Cameron Winklevoss, reported a significant development for users of its Earn program. According to a blog post published by the company, Earn users received $2.18 billion worth of digital assets. This recovery, which represents 97% of the digital assets owed to users, marks an important step following the Genesis bankruptcy.
The announcement from Gemini outlined several key points:
- 97% Recovery: Users in the Earn program received 97% of their digital assets.
- $1 Billion Increase: The total recovered assets exceeded the initial amount by $1 billion when Genesis halted withdrawals.
- 232% Recovery Rate: The recovery rate stood at 232%, compared to the value when withdrawals were halted by Genesis.
The valuation of these digital assets is based on their prices as of 28 May 2024, at 10 am ET.
Tyler and Cameron Winklevoss characterized this recovery as unprecedented, not only within the cryptocurrency space but also in the broader context of financial bankruptcies. This follows an earlier announcement about a settlement with Genesis and other creditors involved in the Genesis bankruptcy, which ensures that all Earn users will eventually receive 100% of their digital assets back in kind.
For instance, if a user had lent one bitcoin to the Earn program, they will receive one bitcoin back, including any appreciation in value since the time it was lent. Gemini has also contributed $50 million to the Earn users' recovery, indicating a direct involvement in facilitating this restitution.The initial distributions account for roughly 97% of the assets in the Earn program. Users are expected to receive the remaining balances within the next 12 months.
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Stablecoin Market Cap Hits $161 Billion, Its Highest Level Since April 2022
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The stablecoin market capitalization has reached its highest level since April 2022, following eight consecutive months of growth, according to the latest issue of CCData's "Stablecoins & CBDCs" Report. The report highlights a 0.63% increase from the start of the month, bringing the stablecoin market cap to $161 billion. Despite this growth, stablecoin market dominance slightly decreased to 6.07%, down from 7% in March, reflecting a recovery in the prices of major crypto assets and improved market sentiment following the unexpected approval of spot Ethereum ETFs in the U.S.
Among the top ten stablecoins, Ethena USDe's market cap climbed for the fifth straight month, increasing by 11.6% to $2.61 billion, attributed to its expanded use as collateral for perpetual trading on Bybit. Tether (USDT), the largest stablecoin by market cap, recorded an all-time high of $111 billion as of 29 May, increasing its stablecoin market cap dominance to 69.3%.
BlackRock’s tokenized fund token BUIDL surged 19.6% to $448 million, making it the largest tokenized treasury fund, surpassing Franklin Templeton’s BENJI. BUIDL represents a share in BlackRock’s USD Institutional Digital Liquidity Fund and can be swapped for USDC on a 1:1 basis.
USDC's market share by trading volume rose for the second consecutive month to 8.27%, benefiting from increased on-chain trading activity on networks like Base and Solana, with the percentage of USDC supply on these chains rising to 9.29% and 7.78%, respectively.
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PayPal Expands Its PYUSD Stablecoin to the Solana Blockchain
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On 29 May 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced that its stablecoin, PayPal USD (PYUSD), is now available on the Solana blockchain. The addition of PYUSD to the Solana blockchain is significant due to Solana's ability to handle a high volume of transactions quickly and at low costs. Data from the blockchain analytics platform Artemis highlights Solana as the most used blockchain for stablecoin transfers, making it an ideal platform for PYUSD as it continues to be utilized for various payment applications.
Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, explained that PayPal has been a pioneer in digital commerce for over 25 years, providing a trusted experience between consumers and merchants worldwide.
He noted that PayPal USD was created to revolutionize commerce once again by offering a fast, easy, and inexpensive payment method for the evolving digital economy. He emphasized that making PYUSD available on the Solana blockchain furthers PayPal's goal of enabling a stable digital currency designed for commerce and payments.
Users of PayPal and Venmo wallets will see PYUSD as a unified balance regardless of the blockchain, simplifying the user experience and allowing for easy transfers to external wallets on either the Ethereum or Solana blockchains.
PayPal USD is issued and custodied by Paxos Trust Company. Reserves for PYUSD are fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. PYUSD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.
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Mastercard's Crypto Credential Pilot Goes Live, Promising to Revolutionize P2P Transactions
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On 29 May 2024, Mastercard announced the launch of its Crypto Credential pilot program, which aims to streamline peer-to-peer (P2P) transactions in the cryptocurrency space. Mastercard says the first real-world application of this technology has gone live, allowing users to send and receive crypto using simplified aliases instead of the often lengthy and complex blockchain addresses.
Mastercard has partnered with several crypto exchanges, including Bit2Me, Lirium, and Mercado Bitcoin, to enable secure blockchain transactions between Latin American and European corridors. Users in 13 countries, including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay, can now reportedly conduct cross-border and domestic transfers across multiple currencies and blockchains.
Mastercard claims that its Crypto Credential serves as a verification tool for interactions between consumers and businesses on blockchain networks. By ensuring that users meet a set of verification standards and confirming that the recipient's wallet supports the transferred asset, Mastercard says its Crypto Credential aims to build trust and certainty in these transactions.
The company also states that the exchange of metadata eliminates the complexity of determining which assets or chains are supported by the recipient, streamlining the process and reducing the risk of lost funds.
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