Gemini's Weekly Update: PayPal Launches PYUSD Stablecoin, Coinbase Unveils Base Layer-2, and Aptos Announces Microsoft Partnership
In Gemini's latest «Weekly Market Update» released on August 11, 2023, several significant developments were highlighted in the cryptocurrency industry, marking a week filled with innovation and collaboration.
As of Friday, August 11, 2023, PayPal has become the first significant US financial firm to introduce its own US dollar-backed stablecoin, PayPal USD (PYUSD). The extension of PayPal's crypto services, which currently include trading in Bitcoin (BTC), <dfn data-info=«Bitcoin Cash is a cryptocurrency. In mid-2017, a group of developers wanting to increase bitcoin» s block size="" limit prepared a code="" change.>Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC), includes this latest addition.
Stablecoins are now the «killer application» for blockchain, according to PayPal Senior Vice President and General Manager of Blockchain, Crypto, and Digital Currencies Jose Fernandez da Ponte, and are «something we cannot just sit out.»
Other Notable Market Updates
Inflation for July 2023 Was Lower Than Expected: Inflation for July 2023 was lower than expected, with both the headline and core consumer price statistics recording a minor rise of 0.2%. This results in annual increases for the corresponding categories of 3.2% and 4.7%. Market experts predict that interest rates will likely stay steady for the rest of the year as a result of the lower inflation statistics.
Coinbase's Base Layer-2 Network Goes Live: Coinbase launched its Ethereum layer-2 network, Base, to the general public, with data showing $175 million USD locked on the blockchain as of Friday. This follows Coinbase's better-than-expected second quarter earnings of $708 million USD in revenues.
Aptos Surges on Microsoft Partnership: Aptos (APT), a layer-1
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