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PayPal's Stablecoin Soars Past $500 Million Market Cap After Solana Expansion
PayPal’s PYUSD stablecoin has surpassed a market supply of 500 million tokens, doubling its supply in the past month from 270 million to over 533 million. This growth follows its expansion to the Solana network in May, where it now hosts 25.2% of its total supply. PYUSD's adoption on centralized exchanges and integration into DeFi protocols have also contributed to its rapid increase. As of now, Paxos holds the largest portion of PYUSD on Ethereum, with other significant holdings by Crypto.com, Defiance Capital, BitGo, and Curve.
Hut 8 Secures 205-Megawatt Bitcoin Mining Site in Texas
Bitcoin miner Hut 8 has secured a site in West Texas with 205 megawatts of power capacity, marking the first transaction in its 1,100-megawatt development pipeline. The site, adjacent to a wind farm and connected to the ERCOT grid, offers access to low-cost wholesale power. This deal will boost Hut 8’s total capacity to 1.3 gigawatts. Despite a drop in miners' revenue since the April halving, Hut 8 is leveraging its strong balance sheet to capitalize on market share opportunities as less efficient miners exit the industry.
MetaMask Launches New Toolkit to Simplify Web3 and User Onboarding
ConsenSys unveiled the MetaMask Delegation Toolkit at EthCC, aimed at simplifying decentralized app development and boosting Web3 user engagement. This toolkit, compatible with various EVM chains like Arbitrum and Polygon, enables developers to create DApps offering improved user experiences. The toolkit addresses the complexity of crypto for users, eliminating repetitive actions and seed phrase management, while facilitating smoother interactions without pop-ups and better gas fee management. Additionally, ConsenSys acquired Wallet Guard to enhance security for MetaMask users against fraud and scams.
Trading Desk Insights
Bitcoin is trading within the $55,000 to $58,000 range after Monday's decline. The German government's recovery of over $200 million worth of Bitcoin from various exchanges has helped to boost sentiment. Despite the recent price drop, some investors see this as a buying opportunity. Historically, July has been a favorable month for BTC, with average returns around 10%. The long-term outlook remains bullish as the supply overhang from Germany and Mt. Gox creditors is expected to diminish, potentially triggering a significant market recovery. Open interest has been increasing, and spot volume has risen this morning, indicating positive market sentiment. Currently, meme coins are outperforming the broader market.
In the US, Bitcoin ETFs saw strong inflows of $294.8 million, led by BlackRock with $187.2 million. There were no recorded outflows yesterday, suggesting continued investor confidence.
Cboe has formally requested the SEC to allow VanEck and 21Shares to introduce a Solana-based ETF. Upon acknowledgment of the filing by the SEC, a 240-day window will open for the regulator to make a decision on these products.
Equity futures edged up slightly on Tuesday as the market aimed to build on its previous record-setting performances. Key inflation data, including the June consumer price index on Thursday and the producer price index on Friday, is anticipated this week.
Federal Reserve Chair Jerome Powell will provide his semiannual update on monetary policy before Congress this week, starting with the Senate Banking Committee on Tuesday and followed by the House Financial Services Committee on Wednesday.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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