Weekly Top Crypto News (August 7 – August 13)

The SEC has finally decided to extend the deadline for accepting or rejecting Ark Invest’s Bitcoin ETF application. Layer 2 Base Network has also been released to the entire community. Here, let’s review this week’s top crypto news with Coincu!

PayPal Launches PYUSD, A New Stablecoin Backed By U.S. Dollar Deposits

PayPal is launching its stablecoin, PYUSD, which US dollar deposits, short-term Treasuries, and cash equivalents back. PYUSD will be gradually available to its US-based customers and can be exchanged for other cryptocurrencies.

Federal Reserve Fortifies Bank-Crypto Bonds, Ensuring Secure Partnerships

New program monitors state-owned banks’ crypto activities. Approval required for stablecoin involvement: issuance, holding, trading. Stringent controls for risk reduction in volatile crypto market.

Coinbase Layer-2 Blockchain General Public On Ethereum Mainnet

Coinbase’s Base mainnet launches to the public with 100+ dApps, lower fees, and faster transactions. Over $139 million has already been deposited pre-launch, offering an improved user experience. Based on Optimism’s technology, the network focuses on scalability, decentralization, and zkEVM integration.

Sam Bankman-Fried Goes To Jail Again For Tamper Evidence

FTX Co-Founder Sam Bankman-Fried was held in custody before a major trial. The bond was revoked due to claims of evidence tampering and intimidation attempts. The case highlights the impact on the crypto sector; the trial is to unfold in October.

SEC Seeks New Comments On Proposed ARK 21Shares Bitcoin ETF Rule Change

The Securities and Exchange Commission is requesting written comments on the proposed listing and trading of shares of the ARK 21Shares Bitcoin ETF. Interested persons have 21 days to submit written data, views, and arguments regarding the proposed rule change.

Tether To Launch New Mobile App Enables Easy Payments With USDt And XAUt

Tether is developing a mobile app for international transactions based on USDt and XAUt payments. The app will provide features such as direct payments, escrows, and dispute resolution platforms supporting the Bitcoin Lightning Network. The app is still in beta testing but is expected to launch soon, generating significant interest within the cryptocurrency community.

Aptos Labs and Microsoft Unite AI And Blockchain for Innovative Solutions

Aptos Labs partners with Microsoft to blend AI and blockchain innovations. An intelligent chatbot, Aptos Assistant, simplifies blockchain queries, enhancing the user experience. The collaboration explores asset tokenization, unique payments, and CBDCs, backed by Microsoft’s AI strength.

Binance Labs Invests $5 Million In CRV Token As Curve deploys To BNB Chain

Binance Labs invests $5M in Curve DAO Token (CRV) to shape the future of DeFi. Curve is the largest stableswap and 2nd largest DEX, with $2.4B in total value locked. Curve plans to deploy to BNB Chain, further propelling the growth of the DeFi ecosystem.

DODO & YGG Tokens Skyrocket After Binance’s 1-20x Futures Launch

Binance’s new 20x leveraged futures for DODO token caused a 30% price surge within an hour, with YGG token also seeing a significant gain. The announcement created excitement and an opportunity to capitalize on price movements. DWF’s involvement adds intrigue, as market observers speculate on their role in driving up prices.

DAI Pool Surpasses $400M As MakerDAO’s Dai Savings Rate Increases To 8%

MakerDAO Dai Savings Rate increased to 8%, TVL of DAI pool exceeds $400M as large transactions were observed, including a whale selling 5640 ETH for DAI.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.