● Chairman of the U.S. House Financial Services Committee: Stablecoins are expected to become the backbone of the 21st century payment system

After PayPal announced the launch of the stablecoin PYUSD, Patrick McHenry, Chairman of the U.S. House Financial Services Committee, issued a statement saying, "This announcement is a clear signal that stablecoins (if issued under a clear regulatory framework) are expected to become the backbone of our 21st century payment system. Clear regulations and strong consumer protection are critical for stablecoins to realize their full potential. This is why it is more important than ever for Congress to pass legislation to provide comprehensive digital asset regulation, especially for stablecoins. The bipartisan Payment Stablecoin Transparency Act recognizes the important role that states play in regulating digital asset companies and builds on successful state systems such as New York. We are at a crossroads to keep the United States at the forefront of digital asset innovation, and both parties in Congress are making significant progress in legislation to ensure that the United States leads the future financial system. We must get this job done."

Previously, the House Financial Services Committee passed the Clarity for Payment Stablecoins Act of 2023. The bill determines the regulatory path for approving and regulating stablecoin issuers, while ensuring strong protection for consumers by creating uniform federal minimum standards for payment stablecoins.

● PayPal will launch the US dollar stablecoin PYUSD, issued by Paxos and will be open to US customers

According to Bloomberg Terminal, PayPal will launch the US dollar stablecoin PayPal USD (PYUSD) for transfers and payments. The stablecoin is issued by Paxos Trust Co. and is backed by US dollars, short-term government bonds and cash equivalents. PYUSD will be gradually opened to PayPal customers in the United States. Users will be able to transfer it to compatible wallets outside the PYPL network.

● Analyst: Bitcoin's actual volatility has fallen to a historic low

Glassnode analyst _Checkɱate posted on Twitter that Bitcoin's realized volatility has fallen to a historic low, proving that the current stage is the calmest period in the market since March 2020. In addition, historically, such low volatility is consistent with the re-accumulation stage after the bear market.

● CoinShares: Digital asset investment products saw a net outflow of $107.4 million last week

CoinShares' latest weekly report shows that the total outflow of funds from digital asset investment products last week reached US$107.4 million. Bitcoin investment products had a net outflow of US$111.4 million, the largest single-week outflow since March. Ethereum investment products had a net outflow of US$5.9 million. Solana investment products had a net inflow of US$9.5 million, setting a new record for weekly net inflows since March 2022. The weekly trading volume of investment products was 36% lower than the average level since the beginning of the year, but trading volume in the broader exchange market was more affected, down 62% from the average level since the beginning of the year. From a regional perspective, capital outflows were mainly concentrated in two ETP providers in Germany and Canada, with outflows of US$71 million and US$29 million, respectively.

● Paidun: Curve’s theft incident has returned $52.3 million, accounting for 73%

According to PeckShieldAlert, about $73.5 million worth of cryptocurrency on Ethereum was stolen in the Curve Reentrancy vulnerability. So far, about 73% of it (about $52.3 million) has been returned. The remaining cryptocurrency on Ethereum, worth about $19.7 million, has not yet been returned by the first Curve CRV-ETH exploiter (0xb752…b324). The details of the returned funds are as follows: Alchemix Fi returned all, $22 million (including 7,258ETH+4,821 alETH); Jpegd Frontrunner returned 90%, $11.5 million (equivalent to 5,495.4WETH); Metronome ($1.6 million) + CRV pool ($5.3 million); c0ffeebabe.eth returned $7 million; Alchemix (white hat operation) $13 million.

● Curve Finance: The deadline for CRV/ETH vulnerability attackers to voluntarily return funds has passed, and a bounty will be offered to the public

Curve Finance posted on Twitter that the deadline for the CRV/ETH vulnerability attacker to voluntarily return the funds has passed, and a bounty reward (currently $1.85 million) will be offered to anyone who provides information leading to the hacker's arrest and conviction.

Earlier news, FinanceCurve, Metronome and Alchemix offered a 10% bounty to the hacker in exchange for the hacker returning the remaining tokens. The deadline given by the three was 08:00 on August 6, UTC.

● Alchemix: We are developing a recovery plan and will no longer hold hackers accountable

DeFi lending protocol Alchemix released an update on the Curve pool theft. Given that the hacker returned all the stolen alETH/ETH, no further action will be taken. A comprehensive post-mortem analysis and recovery plan is currently underway and will be announced in due course.

● Singapore will provide a $150 million fund for Web3 and other technologies

The Monetary Authority of Singapore (MAS) said in a statement that it will invest US$150 million in Web3 startups and other technologies over the next three years under the new Financial Sector Technology and Innovation Program (FSTI 3.0). "MAS recognizes the importance of working with the industry to support innovative fintech solutions arising from emerging technologies such as Web 3.0, and MAS will make an open call for the use of innovative technologies in industry use cases. Grant funding will be provided to support practical trials and commercialization."

This is the first time a government entity has invested in cryptocurrency innovation, and MAS Managing Director Ravi Menon said, “We look forward to continued collaboration with the industry to advance targeted financial innovation.”