The post Ethereum ETF Approval and Solana’s PayPal Move: How Will Furrever Token’s Presale Stand Out? appeared first on Coinpedia Fintech News

As the crypto world buzzes with anticipation over the potential approval of a spot in Ethereum ETF and Solana’s strategic partnership with PayPal to issue PYUSD on its blockchain, a charming newcomer is capturing attention: Furrever Token. With its $1.2 million presale nearing completion, Furrever Token aims to revolutionize the crypto space by infusing it with a dose of cuteness and community spirit. In this rapidly evolving market, how will Furrever Token distinguish itself amid these groundbreaking developments?

Ethereum ETF Approval: How Will Affect It?

Enthusiasm reverberates throughout the digital asset realm as conversations regarding the possible green light for Spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) gain momentum. Respected figures in the field, like Nate Geraci and Eric Balchunas, offer detailed analyses, pondering approval schedules that span from near-future estimations to potential prolongations into the middle of 2024.

Geraci’s cautiously optimistic perspective suggests a relatively expedited approval process, possibly unfolding within the next few weeks or a maximum of 2-3 months. He draws parallels with the swift approval of Bitcoin ETFs and suggests that the groundwork laid by the SEC’s prior approvals could streamline the process for Spot Ethereum ETFs.

Balchunas offers a more conservative timeline, pointing towards a potential approval around July 4, 2024. Despite divergent projections, both experts acknowledge the likelihood of a protracted approval process, albeit earlier than initially anticipated due to Ethereum’s regulatory intricacies.

Regarding Ethereum’s price dynamics, it maintains a resilient position above key support levels, particularly between $3,600 and $3,800. Positive indicators such as the Moving Average Convergence Divergence (MACD) and a confirmed golden cross instil confidence, potentially driving Ether’s price beyond $4,000.

Investor sentiment remains cautious, awaiting validation of the bullish trend with a breakout above $3,900. While a breach of the $4,100 resistance level may trigger a brief downturn, a subsequent rally targeting $5,000 appears feasible.

Solana’s Rise: PayPal’s PYUSD and Stablecoin Surge

Solana (SOL) remains stable at approximately $169.38, with a slight increase of 0.2% over the last day. PayPal’s recent entry into the stablecoin sector enhances Solana’s attractiveness, as the leading online payments platform unveils its PayPal USD token (PYUSD) on the Solana blockchain. This move comes after PYUSD’s debut on Ethereum in August and subsequent integration into Venmo’s peer-to-peer payment platform in September.

Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currency, cites Solana’s speed and low transaction costs as key factors driving the company’s blockchain choice, emphasizing the goal of facilitating stable-value digital currencies tailored for commerce and payments.

Solana’s increasing popularity is evident in its soaring transaction throughput, with the network now handling an impressive 1,423 transactions per second (tps), far surpassing Ethereum’s capacity of 12 to 15 tps. Memecoins like Slerf, Boom of Meme, Snap, and Dogwifhat are contributing to Solana’s bustling decentralized exchanges, driving trading volumes to levels not seen in over two years.

Solana’s meteoric rise in the past year can be largely attributed to its role in the meme coin market, exemplified by tokens like Bonk and the recent sensation Wen. This surge has propelled Solana’s market capitalization to over $161 million, highlighting its growing significance in the cryptocurrency space.

The adoption of stablecoins like PYUSD underscores their importance in mitigating cryptocurrency volatility, offering stability crucial for everyday transactions. By pegging their value to more stable assets like fiat currencies, stablecoins enhance usability and preserve value over time, fostering wider acceptance in the cryptocurrency ecosystem.

Furrever Token: Embracing Cuteness in a Transforming Crypto Landscape

As the crypto landscape evolves with Ethereum’s anticipated ETF approval and Solana’s integration with PayPal for PYUSD issuance, Furrever Token emerges as a unique player. While these developments drive significant blockchain advancements, Furrever Token distinguishes itself through its playful and community-focused approach. The $1.2 million presale success indicates strong interest, and the platform’s charming cat-themed visuals and engaging community challenges offer a refreshing contrast to the market’s usual intensity.

Furrever Token’s whimsical ecosystem can attract a dedicated user base seeking a lighter, more enjoyable crypto experience. Its legitimacy is bolstered by a secure and audited smart contract, reassuring potential investors. As the presale nears completion and the launch on PancakeSwap approaches, Furrever Token’s ability to stand out will depend on its unique blend of cuteness and robust community engagement.

Currently priced at $0.000648, Furrever Token offers up to 15X returns post-launch, making it a potentially lucrative investment. The token’s no-buy/sell tax policy and a dedicated team locking their tokens for a year further enhance its appeal. With its focus on community and fun, Furrever Token not only differentiates itself but also taps into the universal appeal of cuteness. This approach could position Furrever Token as a standout project in the rapidly evolving crypto market, where its charm and community-driven ethos offer a delightful respite from the more conventional and serious projects.

Don’t miss out on this adorable investment opportunity. Buy Furrever Token before the presale ends at furrevertoken.com and join a community that’s as charming as it is promising.

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Tether’s co-founder says PayPal’s foray into stablecoins will not lead to greater sector innovation.

He suggests that the payment giant could lean on stablecoins to increase profitability.

Experts argue that PayPal’s push into stablecoins could disrupt the existing conditions in the ecosystem, given its deep user base.

Nearly one month after launching its stablecoin, a measure of doubt continues to trail PayPal’s foray, with critics poking holes in the project’s innovativeness.

Tether co-founder William Quigly submitted that PayPal’s decision to launch a stablecoin is largely fuelled by the desire to increase its profitability. In a recent interview with Coindesk, Quigly noted that he does not expect seismic levels of innovation from PayPal’s PYUSD stablecoin, hinting that the offering will be in the same mould as other stablecoins.

“I don’t think much innovation will come from PayPal,” Quigly said. “I think PayPal will see this principally as a cost saving. They may or may not pass on a portion of that to their end users.”

By pivoting to stablecoins, PayPal eliminates its reliance on financial intermediaries, which could save the company a fortune in foreign exchange fees. All transactions will be settled on PayPal’s private blockchain, which Quigly opines leaves the payment service with two options.

According to Quigly, PayPal can leverage the removal of interchange fees to ultimately lower the cost of cross-border transactions for users or keep all the slush funds as profit.

“PayPal can continue to assess consumers and merchants’ currency conversion fees on each transaction even though it no longer incurs those fees, and retain 100% of those fees as profit,” said Quigly. “Or it can eliminate the currency conversion charges it has heretofore assessed its customers and lower their overall cross-border transactions costs.”

While it is unclear which direction PayPal will take, Quigly seized the opportunity to describe Tether’s early years. The co-founder noted that Tether began as a “charitable contribution” to the virtual currency space, specifically catering to the needs of the open-source community.

Quigly added that the Tether’s earnings were an addition to the interest rates it received on its reserves. He added that at the start of the company’s operations, interest rates were at their lowest ebb, but in Q2, the stablecoin issuer netted over $1 billion in operational profit.

PYUSD fails to hit the ground running

At the moment, PYUSD has a market capitalization of $43.4 million, which puts it far behind Tether’s USDT and USDC. On-chain analysis indicates low adoption for PYUSD, with pundits blaming the low transaction volumes on several factors, including the project’s novelty.

“PYUSD was listed on a few centralized exchanges at the end of August, notably Coinbase and Kraken, but its daily trade volumes have been volatile and quite low compared to other stablecoins,” said Kaiko analyst Dessislava Aubert.

Data from CoinGecko reveals that PYUSD managed to hit a daily trading volume of $1.2 million compared to the over $13 billion reached by USDT. 

Despite the slow start to life, experts believe that when PayPal’s 435 million users warm up to its stablecoin offering, PYUSD could snag a chunk of the market share controlled by USDT and USDC.

The AAVE community has recently given its overwhelming approval for the inclusion of PayPal's PYUSD into its Ethereum Pool, with an astonishing 99.98% of voters supporting the integration. Despite initial strong criticism within the broader crypto community due to concerns about PYUSD's centralization and PayPal's ability to freeze and erase wallet addresses, the AAVE Governance Vote has paved the way for users to deposit, borrow, and stake PYUSD stablecoins in the Ethereum pool, which currently holds assets totaling $6.55 billion as of January 11, 2024.
The surprising aspect lies in the voting patterns, as PYUSD faced backlash during its launch for being perceived as excessively centralized. This criticism was mainly rooted in the fact that PayPal retained the power to freeze or wipe wallet addresses containing PYUSD, albeit in the interest of anti-money laundering measures. The decision to integrate PYUSD into the AAVE Ethereum Pool, despite the initial criticism, opens up new possibilities and benefits for various stakeholders.
For professionals relying on foreign sources or receiving payments through PayPal, the integration offers an opportunity to stake coins and earn passive income instead of letting funds remain idle in PayPal accounts. Traders stand to benefit indirectly, as the integration may lead to the creation of a swap portal, allowing users to exchange PYUSD with ERC-20 coins, providing an alternative to traditional exchanges. Businesses, in particular, could significantly benefit by earning additional funds from idle payment accounts and incentivizing recipients to use PayPal due to AAVE Pool rewards.
The decision to integrate PYUSD into AAVE raises questions about the control stablecoin issuers have over wallet addresses and whether other stablecoins will follow a similar path. Notably, stablecoins like Tether's USDT and Circle's USDC have also exercised control over addresses with their tokens, freezing suspicious addresses in the past. This trend suggests that stablecoin issuers may have made concessions to regulatory authorities in exchange for control, raising concerns about privacy and the potential misuse of regulatory power.

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The post PayPal Faces Regulatory Heat Over PYUSD Stablecoin appeared first on Coinpedia Fintech News

Payments titan PayPal is facing regulatory heat as the SEC investigates its new PYUSD stablecoin. According to PayPal’s latest quarterly filing, the firm received a subpoena from the SEC’s enforcement division requesting documents related to PYUSD.

PayPal offered a few details but stated it was cooperating with the information request. SEC subpoenas primarily serve to collect evidence and don’t necessarily imply violations or impending action.

Nonetheless, the probe underscores mounting stablecoin scrutiny after the high-profile FTX collapse. Regulators increasingly want proof backing claims of 1:1 fiat reserves and transparency on issuers’ stability mechanisms.

PayPal unveiled PYUSD back in August

PayPal unveiled PYUSD last August in partnership with Paxos, marking the first stablecoin from a major financial player. It initially raised concerns in Washington about Big Tech cornering digital assets. 

The adoption of Ethereum-based PYUSD has seemingly lagged so far. The current supply sits around 159 million, a miniscule amount for a PayPal product. But regulators are applying more stablecoin pressure amid recent turbulence.

The SEC accused Paxos’ BUSD of being an unregistered security when suing Binance last June. Paxos claims BUSD isn’t a security and is prepared to vigorously contest any allegations.

With PayPal now in the crosshairs, tensions around major tech stablecoins are clearly escalating. However, PYUSD’s slow growth means the SEC inquiry may fizzle absent evidence of malfeasance. But the probe exemplifies the uphill battle tech giants face launching stablecoins post-FTX.