PayPal launches stablecoin tied to the US dollar, issued on Ethereum
PayPal is rolling out a new dollar-backed stablecoin.
The stablecoin, issued by Paxos Trust Co, was detailed in a statement published Monday morning by the American payments giant.
PayPal announced that customers who purchase PayPal USD will be able to transfer the stablecoin between “compatible external wallets” and PayPal. They will also be able to fund purchases with PayPal USD.
The stablecoin will be available starting Monday, and PayPal customers will be able to purchase, send, convert and fund purchases in the “coming weeks.”
The announcement marks the first time that a major US financial company has created a stablecoin. PayPal’s leadership confirmed the existence of the project in early 2022. PayPal began integrating crypto services in early 2021, allowing users to buy, sell and hold major digital assets like bitcoin and ether.
Source: Blockworks
Top 50 unicorns according to crunchbase
Source: PlotSet.com
Apple breaking
Apple broke first important support at 183. Next support to keep an eye is 176.15 which was August 2022 high. If that one breaks also, will be looking at 170-160 zone which is a major level. Source Bloomberg
The lagging effects of higher interest rates ?
Yellow Corp. filed for bankruptcy and will remain shuttered after the trucking firm’s long-running financial woes (rising bond & loan payments) were compounded by a dispute with its labor force (wage inflation). The firm closes after nearly 100 years and leaves 30k employees jobless (this will likely be reflected in a lower payroll print for August). Source: Bloomberg
US Bank credit YoY is now -0.2% YoY. First time negative since 08 (Keep in mind that in the US about 25% of credit is securities and the other 75% loans)
Source: FRED, Adem Tumerkan
Michael Burry top holdings are two Chinese ADRs at the time the $KWEB etf is starting to outperform $QQQ
Source: The Long Investor
German exports to Kyrgyzstan are up 2000% in the past 3 years
Value of these exports is small, but this is just one of many examples showing how hard it is to police export controls on western goods to Russia. Source: Robin Brooks
The fact that Retail investors are rapidly buying the iShares 20+Year Treasury Bond ETF (TLT) - despite the bond bloodbath - could mean that the sentiment is far from being oversold
From a contrarian perspective, this is NOT a positive for long-dated bonds. Source: The Daily Shot, Bloomberg, VandaTrack
