PA Daily | PayPal and Paxos cooperate to launch the US dollar stablecoin PYUSD; MakerDAO DAI deposit interest rate has been adjusted to 8%

Today’s news tip:

Hong Kong Securities Regulatory Commission: Some unlicensed virtual asset trading platforms use improper business practices

The Monetary Authority of Singapore has pledged up to S$150 million for technology and innovation in the financial sector, including Web 3.0

PayPal Launches USD Stablecoin PYUSD, Issued by Paxos Trust

Etherscan team’s instant chat tool “Blockscan Chat” launches mobile app

The court ruled in a case that the counterparty who lent bitcoins does not need to bear their own risk

CoinShares: Last week, the net outflow of digital asset investment products was 107 million US dollars

Data: The MakerDAO DAI deposit interest rate has been adjusted to 8%, and DAI deposit funds have increased by about 65.7 million US dollars in a single day

Data: APT worth about $30.44 million and IMX worth $13.31 million will be unlocked this week

Regulatory News

Hong Kong Securities and Futures Commission: Certain Unlicensed Virtual Asset Trading Platforms Use Improper Business Practices

The Hong Kong Securities and Futures Commission issued a document stating that it has observed that some unlicensed virtual asset trading platforms have used improper business practices, and that it is a “criminal offense” to conduct unlicensed and unlicensed activities in Hong Kong. Some unlicensed virtual asset trading platforms set up new entities to provide virtual asset services in Hong Kong in anticipation of transitional arrangements. Some unlicensed virtual asset trading platforms claim to have submitted license applications to the China Securities Regulatory Commission, “but in fact they have not done so.” Some unlicensed virtual asset trading platforms continue to launch new services and products under their existing entities that may not comply with applicable legal and regulatory requirements. For example virtual assets “deposits”, “savings” or “earnings” are not allowed under the new regime.

The SFC has warned that most of the virtual asset trading platforms currently accessible to the public are unregulated. “It is an offense for any person to make fraudulent or reckless misrepresentation for the purpose of inducing others to trade in virtual assets,” the SFC said.

NFT

! [PA Daily | PayPal and Paxos jointly launched the US dollar stablecoin PYUSD; MakerDAO DAI deposit interest rate has been adjusted to 8%](https://img-cdn.gateio.im/resized-social/moments-69a80767fe-29442a07b3- dd1a6f-1c6801)

Magic Eden supports BRC-20 decimal places inscription and transactions

According to the official Twitter, the NFT market Magic Eden announced that it supports the engraving and trading of BRC-20 decimal places, which is no longer limited to the previous integer functions, which will help unlock fine-grained collections of higher-value BRC-20.

Project dynamics

The Aave community voted on the proposal of “prohibiting additional CRV mortgage lending” and it has been implemented

The governance page shows that the Aave community passed the on-chain vote of the proposal of “prohibiting additional CRV mortgage lending” with 100% support, and it was implemented yesterday. The proposal, put forward by DeFi risk manager Gauntlet, states that “due to the recent decline in CRV liquidity, it is recommended to set the CRV LTV of Aave V2 on Ethereum to 0 to prevent additional borrowing of existing CRV collateral”.

Etherscan team’s instant chat tool “Blockscan Chat” launches mobile app

Etherscan announced that the instant chat tool “Blockscan Chat” created by its team has launched a mobile app, and users can download it by entering Google Play or App Store search.

Monetary Authority of Singapore pledges up to S$150 million for technology and innovation in the financial sector, including Web 3.0

The Monetary Authority of Singapore (MAS) announced today that it will invest up to S$150 million over three years under its new Financial Sector Technology and Innovation Initiative (FSTI 3.0). FSTI 3.0 aims to accelerate and enhance innovation by supporting projects that involve the use of cutting-edge technologies or have regional linkages, while doubling down on MAS’ commitment to foster a vibrant technology ecosystem for the financial sector.

MAS said it recognized the importance of working with industry to support innovative fintech solutions arising from emerging technologies such as Web 3.0. MAS will publicly call for innovative technologies to be used in industry use cases. Grant funding will be provided to support real-world trials and commercialization. FSTI 3.0 will continue to support the development and adoption of advanced capabilities in key areas such as Artificial Intelligence and Data Analytics (AIDA), Regulatory Technology (RegTech).

PayPal launches USD stablecoin PYUSD, issued by Paxos Trust

According to Bloomberg, Paypal (PYPL.O) announced the launch of a US dollar stablecoin for transfers and payments. PayPal USD (PYUSD) is issued by Paxos Trust Co. and is fully backed by U.S. dollar deposits, short-term Treasury bills, and similar cash equivalents. It is pegged to the U.S. dollar and will gradually become available to PayPal customers in the United States. The tokens can also be transferred to compatible third-party wallets outside of the PayPal network.

PYUSD is designed to be readily convertible into U.S. dollars and into other cryptocurrencies offered on the PayPal network. It can be used to fund purchases and will soon be available on PayPal’s popular payment app, Venmo. Users will eventually be able to send their token holdings between PayPal and Venmo wallets. PayPal said that starting in September, Paxos will publish monthly reports detailing the assets backing PYUSD. Paxos will also issue a third-party attestation of the PYUSD reserve holdings from an accounting firm.

Andrew Kang: Curve may launch the foreign exchange market

Andrew Kang, co-founder and partner of encryption venture capital firm Mechanism Capital, shared his chat with Curve founder Michael Egorove on Twitter. The plan to launch the foreign exchange trading market on Curve. Egorove believes that the market can take advantage of Curve’s low fee rate to realize on-chain arbitrage of foreign exchange transactions.

Curve Finance: Deadline for hackers to voluntarily return funds passed, bounty to be offered to public

Curve Finance tweeted that the deadline for CRV/ETH hackers to voluntarily return the remaining funds has passed. Curve Finance will offer a bounty to the public, and those who assist in catching the hacker will receive 10% of the remaining funds as a reward, currently $1.85 million. Curve Finance added that if the attacker chooses to return the funds in full, we will not pursue them further. According to previous news, Curve Finance, Metronome, and Alchemix promised to provide a 10% bounty to the hacker in return for returning the remaining tokens. The deadline for returning funds is 16:00 on August 6, Beijing time.

LeetSwap: is rebuilding and relaunching tokens, and will airdrop new versions of tokens to holders

DEXLeetSwap on the Base chain said on Twitter: “For all users who asked about LEET, we are working hard to rebuild and re-launch the token. The new version of the token will be airdropped to holders.”

In a case, the court ruled that the counterparty who lent Bitcoin did not need to bear the risk

According to Litchi News, recently, Xu from Jiangsu lent 341 bitcoins to Lin, and sued Lin because the other party did not return it. After the trial, the court held that Bitcoin is a specific virtual commodity, which does not have the same legal status as currency, does not have monetary attributes such as legal compensation and mandatory, and cannot and should not be used as currency in circulation in the market. The judge stated that the transaction of borrowing bitcoin between the two parties in this case is currently not protected by law. In addition, Bitcoin does not have the property of a kind of thing, and in this case, it does not have realistic returnability and cannot be quantified using legal tender. Ultimately, the court dismissed the lawsuit.

Important data

CoinShares: Last week, the net outflow of digital asset investment products was 107 million US dollars

According to the CoinShares weekly report, the total net outflow of digital asset investment products reached US$107 million last week, of which Bitcoin investment products had a net outflow of US$111.4 million and Ethereum investment products had a net outflow of US$5.9 million. The outflows were mainly concentrated in two ETP providers in Canada and Germany, with outflows of $70.8 million and $28.5 million, respectively. In addition, Solana investment products had a net inflow of US$9.5 million in a single week, setting a new high for weekly net inflows since March 2022.

Data: APT worth about $30.44 million and IMX worth $13.31 million will be unlocked this week

According to Token Unlocks data, 5 encryption projects will unlock tokens this week, with a total release value of about 54.23 million US dollars.

Nym (NYM) will unlock about 45.63 million tokens worth about $8.64 million at 8:00 on August 7th.

Hashflow (HFT) will unlock about 3.23 million tokens worth about $1.15 million at 8:00 on August 7th.

Moonbeam (GLMR) will unlock about 3.04 million tokens, worth about $690,000, at 8:00 on August 9.

Aptos (APT) will unlock about 4.54 million tokens worth about $30.44 million at 8:00 on August 12.

ImmutableX (IMX) will unlock about 18.08 million tokens at 6:00 on August 12, worth about $13.31 million.

Data: MakerDAO DAI deposit interest rate has been adjusted to 8%, and DAI deposit funds increased by about 65.7 million US dollars in a single day

Makerburn data shows that the MakerDAO DAI deposit rate (DSR) has been adjusted to 8%, and the accumulated DAI deposited is 405 million, an increase of approximately US$65.7 million in a single day.

Earlier today, it was reported that a giant whale deposited 14.32 million DAI into MakerDAO to earn the current 8% APY.

***************Related reading: Unopposed proposal: MakerDAO increases DSR to 8%, what are the pros and cons for the protocol? ***************

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*! [PA Daily | PayPal and Paxos jointly launched the US dollar stablecoin PYUSD; MakerDAO DAI deposit interest rate has been adjusted to 8%](https://img-cdn. gateio.im/resized-social/moments-69a80767fe-799663cf8b-dd1a6f-1c6801)