▌LianGuaiyLianGuail launches stablecoin PYUSD pegged to the US dollar
LianGuaiyLianGuail (PYPL.O) has launched a stablecoin called LianGuaiyLianGuail USD (PYUSD) for transfers and payments. LianGuaiyLianGuail USD is 100% backed by US dollars, short-term US government bonds, and cash equivalents. PYUSD can be exchanged for US dollars at a 1:1 ratio and will be issued by LianGuaixos Trust Company. PYUSD will gradually be made available to LianGuaiyLianGuail’s customers in the US and will soon be available on Venmo.
Qualified US customers of LianGuaiyLianGuail will be able to:
1. Transfer PYUSD between LianGuaiyLianGuail and compatible external wallets;
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2. Make person-to-person payments with PYUSD;
3. Choose to use PYUSD for checkout;
4. Convert any cryptocurrency supported by LianGuaiyLianGuail to PYUSD.
LianGuaiyLianGuail states that PYUSD is the only stablecoin supported in the LianGuaiyLianGuail network. PYUSD is an ERC-20 token issued on the Ethereum blockchain.
As of press time, according to coinmarketcap data:
BTC recently traded at $29,214.3, with a daily change of +1.23%;
ETH recently traded at $1,829.28, with a daily change of +0.59%;
BNB recently traded at $242.09, with a daily change of +0.48%;
XRP recently traded at $0.6228, with a daily change of +1.09%;
WLD recently traded at $2.042, with a daily change of -1.53%.
DOGE recently traded at $0.07354, with a daily change of -0.14%;
ADA recently traded at $0.2907, with a daily change of +0.53%;
MATIC recently traded at $0.6655, with a daily change of +0.47%.
▌Blockchain.com obtains major payment institution license from the Monetary Authority of Singapore
Cryptocurrency exchange Blockchain.com announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) on August 1, 2023. Prior to this, Blockchain.com had received in-principle approval from the MAS in September 2022. The license allows Blockchain.com to offer regulated Digital Payment Token (DPT) services to its global institutional and accredited investor clients.
▌Central Bank of Brazil reveals the official name of its CBDC as DREX
According to an announcement by the Central Bank of Brazil on Monday, DREX will be the official name of Brazil’s new Central Bank Digital Currency (CBDC), also known as Digital Real. The name was revealed during a live broadcast on the central bank’s YouTube channel hosted by Digital Reality Coordinator Fábio Araújo and Deputy Director of the Department of Technology and Information at the central bank, Aristides Cavalcante.
Araújo stated that DREX combines several innovative elements: D represents digital, R represents real, E represents electronic, and X represents transactions. It is a step forward in our Pix series and has achieved success.
▌Cathie Wood: SEC may approve multiple spot Bitcoin ETFs simultaneously
Cathie Wood, CEO of ARK Investment Management, said that the SEC may approve multiple spot Bitcoin ETFs simultaneously, reversing the previous view that her company would be the first to be approved. In June, ARK stated that because the company submitted its application to the SEC early, it would be the first company to potentially receive approval.
LianGuai previously reported that companies including BlackRock Inc., Fidelity, WisdomTree, VanEck, and Invesco have all applied to the SEC to launch spot Bitcoin ETFs.
▌Digital Asset Anti-Money Laundering Act faces obstacles in the US Senate
The “Digital Asset Anti-Money Laundering Act” proposed by Democratic Senator Elizabeth Warren of Massachusetts and Republican Senator Roger Marshall of Kansas is facing obstacles in the Senate. It is reported that the bill has been submitted to the Senate Banking, Housing, and Urban Affairs Committee, but there are no plans for further discussion.
The bill aims to require “cryptocurrency participants” (defined in the bill as wallet providers, miners, and validators) to comply with the compliance requirements of financial institutions. If the bill is passed, these entities will be required to report any transactions over $10,000 and report any activities that may indicate money laundering or tax evasion. Opponents of the bill believe that these participants do not have the ability to comply with these requirements, which would hinder their ability to conduct business.
▌Experts: US crypto tax rules unlikely to take effect in 2024
Cryptocurrency investors and brokerage firms are awaiting a US tax rule that will regulate how cryptocurrency companies report information about customer tax status, similar to the 1099 forms submitted by traditional brokerage firms outlining gains and losses. It is reported that the Internal Revenue Service (IRS) of the Treasury Department actually completed the proposal several months ago, but the White House has yet to initiate the internal review process. Miles Fuller, a former attorney for the IRS, said that it is unlikely that the crypto tax rules will take effect in 2024 because proposing, collecting public feedback, and ultimately implementing new tax rules is a process that typically takes several months or even longer and could extend into next year.
Zlatkin, a tax attorney at Coinbase, stated that it is unrealistic to expect these rules to take effect on January 1, 2024. This is not only an issue of industry adaptation and compliance, but also a matter of the IRS preparing the system to absorb and analyze a large amount of new data.
▌UAE signs agreement to develop carbon credit system on Venom Foundation blockchain
The Ministry of Climate Change and Environment (MCCE) of the United Arab Emirates (UAE) is establishing preliminary partnerships with the Industrial Innovation Group and the Venom Foundation to develop a carbon credit system on the Venom Foundation blockchain. Due to the immutable nature of the data recorded on the blockchain, these carbon credits can be safely sold or traded and are fully transparent to all interested parties. This allows government organizations, such as the MCCE in the UAE, to sell or issue credits to businesses. Credit holders can use the credits, which allow them to emit a specific amount of carbon within a given timeframe, or sell and trade them to other organizations that wish to offset their own emissions.
▌Exploitation of Cypher Protocol based on Solana, smart contracts frozen
Due to exploitation or security incidents, decentralized exchange Cypher based on Solana lost $400,000 worth of cryptocurrencies on Monday. The contributors of the protocol stated in an official tweet that they are trying to contact the hackers to negotiate the return of funds. The smart contracts of the protocol have been frozen.
▌Bitstamp initiates fundraising process, planning to launch derivatives trading in Europe early next year
A spokesperson for the cryptocurrency exchange Bitstamp stated that Bitstamp initiated the fundraising process at the end of June, with Galaxy Digital Holdings as the advisor. The spokesperson mentioned that the exchange plans to use the funds for operations, including the launch of derivatives trading in Europe next year, expanding its market presence in Asia, and its business in the UK.
CEO of Bitstamp Global, Jean-Baptiste Graftieaux, stated that Bitstamp is not for sale and they are not actively seeking to sell the company. Their current priority is to raise funds through strategic investors and accelerate the development of Bitstamp by providing new products and services to retail and institutional cryptocurrency clients.
▌Tether CTO: Introduction of LianGuaiyLianGuail stablecoin will not affect Tether
Tether’s Chief Technology Officer, LianGuaiolo Ardoino, stated that payment giant LianGuaiyLianGuail launched a stablecoin earlier today, but it will not have any impact on USDT. This is because LianGuaiyLianGuail stablecoin (PYUSD) has been launched in the United States, where Tether cannot provide services. However, when asked about the international launch of PYSDC, Ardoino stated that it is positive for the entire cryptocurrency industry.
In addition, Ardoino believes that the introduction of PYUSD can help Tether in another way by potentially lowering Tether’s competition. Ardoino stated, “This might mean that our major competition in the United States is further reduced.”
▌Chair of the House Financial Services Committee: Legislation on stablecoins necessary after the introduction of LianGuaiyLianGuail stablecoin
In a statement on Monday, LianGuaitrick T. McHenry, Chair of the House Financial Services Committee, emphasized that the United States is at a crossroads after the announcement of LianGuaiyLianGuail’s stablecoin and legislation is necessary to regulate stablecoins. Congress is making significant bipartisan progress in legislation to ensure that the United States leads the future financial system. We must get this done.
Previously reported, the House Financial Services Committee proposed a regulatory framework for payment stablecoins last month, known as the “Payment Clarity Act.” McHenry stated that the bill will protect consumers through federal guardrails while promoting innovation in the United States.
▌Uniswap Deployed on Base Network
August 8th, Uniswap has been deployed on the Coinbase Layer2 network Base. Users can directly add liquidity or perform token swaps on the Base network through the Uniswap network application.
▌3iQ Research Director: Stablecoins like LianGuaiyLianGuail may trigger competition and force regulatory action
Mark Connors, research director of 3iQ, stated that stablecoins like LianGuaiyLianGuail may trigger competition and force regulatory action. He pointed out that LianGuaiyLianGuail has 431 million users worldwide, and the impact of LianGuaiyLianGuail’s stablecoin launch may be similar to BlackRock’s Bitcoin ETF. He compared LianGuaiyLianGuail’s influence among suppliers to the statements made by BlackRock CEO Larry Fink in support of Bitcoin, stating, “This is as important as Larry Fink validating Bitcoin, if not bigger, because the payment systems have an immediate impact, and they are doing it because they want to participate in the next step in finance.”
Antonio Juliano, CEO of dYdX, believes that providing people with more stablecoin options from trusted companies is generally a good thing. Although Circle (USDC) and Tether (USDT) are leaders in the stablecoin field today, he pointed out that competition will foster better products.
▌LianGuaixos Strategy Director: Regulated Stablecoins are a “watershed moment” for the crypto industry
Walter Hessert, strategy director of LianGuaixos, stated that regulated stablecoin PYUSD is a “watershed moment” for the crypto industry because of the clear differences between PYUSD and other competitors, thanks to LianGuaixos’ status as a trust company regulated by the New York Department of Financial Services (NYDFS). Hessert explained that if LianGuaixos were to go bankrupt, its regulatory body NYDFS would intervene, and PYUSD would be protected from bankruptcy. Therefore, customers would not unknowingly become creditors in the event of bankruptcy, and funds would be returned to each token holder.
▌Law firm Fenwick sued by clients for allegedly assisting FTX in fraud
A group of FTX clients have sued law firm Fenwick & West, accusing them of providing legal advice to the cryptocurrency exchange FTX founded by Sam Bankman-Fried, and assisting in fraud. The lawsuit claims that the services provided by Fenwick to FTX “far exceeded the services that a law firm should and typically does provide,” including constructing trades to evade regulatory scrutiny, and establishing entities for Bankman-Fried and other FTX executives to carry out fraud. The lawsuit alleges that Fenwick helped establish two entities used to conceal the use of customer funds by FTX executives for speculative investments and for political and charitable donations.
According to reports, Fenwick is a company headquartered in California. The proposed class action is the second class action against Fenwick. Daniel Friedberg, the former senior regulatory lawyer at FTX, joined FTX from Fenwick in 2020 and is currently being sued by the company’s new management.
Important Economic Trends
▌CITIC Construction Investment: The sales and financing conditions of real estate companies in July should be considered as the bottom of this year
CITIC Construction Investment pointed out that the market sales continued to be under pressure in July. The monthly new house transactions in key cities were 11.379 million square meters, a year-on-year decrease of 34.0% and a month-on-month decrease of 31.9%. The second-hand house transactions in key cities decreased by 6.4% year-on-year and 3.2% month-on-month. The sales revenue of the top 100 real estate companies was 381.04 billion yuan, a year-on-year decrease of 37.2% and a month-on-month decrease of 36.6%. Among the mainstream real estate companies, only 2 achieved year-on-year growth in a single month. The bond financing of real estate companies in July has improved, with a total scale of 60.46 billion yuan, a month-on-month increase of 59.9%, and a decline in weighted financing cost. With the continuous implementation of policies, the sales and financing conditions in July should be considered as the bottom of this year, and subsequent improvements will occur. (Jinshi Data APP)
▌What is Intent Computing
The introduction of Intent Computing aims to reduce the burden on users. Essentially, intent is a set of declarative constraints that allow users to delegate the creation of transactions to specialized third-party participant networks while retaining full control over the process. Simply put, if a transaction specifies “how” to perform an operation, then intent defines “what” the expected result of that operation is. This declarative approach brings exciting progress in user experience and efficiency. With Intent Computing, users can easily express their expected results. This is in stark contrast to the current imperative transactions where each parameter must be explicitly specified by the user.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for information reference only and should not be taken as actual investment advice. Please establish the correct investment concept and improve risk awareness.