The crypto market saw a mix of institutional integration, major corporate moves, and political developments in the second half of September. Coinidol.com takes a look at the top five most interesting headlines from the past two weeks.
While prices faced volatility, the underlying infrastructure and adoption continued to grow, demonstrating a maturing industry.
PayPal expands stablecoin to 9 new blockchains
PayPal announced that its stablecoin, PYUSD, will expand its availability to nine additional blockchains. This marks a major step toward making PYUSD a truly interoperable and multi-chain digital currency. The expansion is a powerful signal from a traditional finance giant that it is committed to building bridges with the decentralized finance (DeFi) ecosystem.
By leveraging the fast, low-cost transaction capabilities of multiple blockchains, PayPal is positioning its stablecoin for broader use cases, from peer-to-peer payments to on-chain commerce. This development is a key step in bringing the stability of fiat currencies to the speed and efficiency of the blockchain world.
FTX to repay creditors: a milestone in crypto’s recovery
The collapsed crypto exchange FTX made a crucial announcement, stating its plan to repay $1.6 billion to creditors by the end of September. This marks a significant milestone in the long and complex bankruptcy process.
The distribution, which will be the third payout to creditors, is a positive development that provides some measure of closure for those who lost funds in the exchange’s collapse. The structured approach to repayment, which prioritizes certain groups of creditors, provides a crucial precedent for future insolvencies in the crypto space. This news signals that even the biggest failures in the industry can lead to a formal resolution, potentially rebuilding some of the trust lost during the 2022 market downturn.
A new crypto pact between US and UK
The United States and the United Kingdom have announced a comprehensive new cooperation agreement aimed at unifying regulatory oversight for the cryptocurrency sector, as Coinidol.com reported.
The core of the agreement is to address systemic risks and combat illicit financial flows, particularly concerning stablecoins. It is a direct response to a rapidly expanding global market and aims to foster greater regulatory clarity.
Bitcoin sees massive liquidation event amid volatility
The crypto market experienced a massive liquidation event, with over $1.7 billion in leveraged long positions being wiped out in a single day. The sell-off, which primarily affected Ethereum and Bitcoin, highlighted the market’s continued volatility despite its increasing maturity.
However, the event was set against a backdrop of continued long-term institutional interest. Spot Bitcoin ETFs saw strong weekly inflows, even as prices dipped, suggesting that while short-term speculators were shaken out, long-term investors continued to accumulate. This dual narrative of short-term volatility and long-term institutional adoption underscores a fundamental shift in market dynamics.
Corporate Bitcoin treasury adoption is stronger than ever
Despite the liquidations and volatility, the corporate trend of holding Bitcoin as a treasury asset showed no signs of slowing down. Strategy (formerly MicroStrategy) announced it had added another 850 BTC to its holdings, bringing its total to over 639,835 BTC. This continued accumulation by a publicly traded company reinforces the narrative of Bitcoin as a long-term store of value and a viable alternative to traditional treasury assets. The move solidifies the company’s position as the largest corporate holder of Bitcoin and serves as a powerful signal for other firms considering a similar strategy.
Source: https://coinidol.com/digest-paypal-ftx-repay-bitcoin/