Paxos changes its stablecoin's name, the U.S. adopts DeFi and Visa's Crypto Punk purchase spurs a $55M spending spree.
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Slipping Stablecoin Gets a New Name: Paxos Dollar 😰
Paxos Standard may be nearly three years old, but its market cap has fallen behind stablecoins half its age. In seventh place and with a market cap still shy of $1 billion, Paxos has renamed its well-regulated stablecoin the Pax Dollar, or USDP. “This name makes it obvious to anyone – USDP is a dollar,” said Paxos Head of Strategy Walter Hessert. See the news here.
U.S. No. 1, Says Chainalysis DeFi Adoption Index 🇺🇸
In its new Global DeFi Adoption Index, blockchain intelligence firm Chainalysis finds the U.S. is ahead of the game in adopting decentralized finance. While a large economy is one predictor of DeFi adoption, a developed crypto market is also important. Thus, No. 2 through No.5 are Vietnam, Thailand, China, and the U.K. Get the details here.
Crypto’s Understanding of CFTC’s Role Is ‘Grossly Inaccurate’ 😳
Commodity Futures Trading Commission member Dawn Stump is sick of hearing you say cryptocurrencies are commodities not securities so the CFTC has jurisdiction, not the SEC. That is wrong to the point of being “grossly inaccurate.” All the CFTC does is oversee the trading of futures and other derivatives on commodities, including digital assets. Learn more.
Visa’s CryptoPunk Purchase Spurs $55M Spending Spree 😲
A day after Visa kicked off its NFT consulting services by buying a $150,000 CryptoPunk, buyers have been going nuts. The August 23 announcement saw sales jump 10x, from 39 the day before to 380, at an average price of $267,000. Halfway through August 24, sales numbers are normalizing but prices have skyrocketed, averaging $446,000. Read more here.