Episode Details

08th August: Crypto & Coffee at 8 🎙️
❌ PayPal stablecoin confusion 🚨 Singapore Red Cross accepts crypto 😱 Huobi insolvency? Rumours or Legit?

💥 PayPal unveiled a new stablecoin, tethered to the value of the U.S. dollar. Official news here https://lnkd.in/d5N9A3my The Issuance of and custody of PayPal USD is performed by Paxos

❗ However following the announcement by Paypal of the introduction of a novel stablecoin asset named PYUSD, a wave of counterfeit Paypal tokens has emerged on decentralized exchange (dex) platforms, including Uniswap.
More info via Bitcoin.com here https://lnkd.in/dWJ4SqwJ

🛑 The absence of an official release of PYUSD’s token address by Paypal or Paxos has paved the way for the creation of these fraudulent tokens, crafted to ensnare unwary traders. Both Paxos and PayPal have disseminated information about the stablecoin on their individual websites

❗ The transparency report can be found here https://lnkd.in/dgkSQWzt
The attestation reports are issued by WithumSmith+Brown, PC, an independent third-party accounting firm & is scheduled for publication in September 2023.

Check out Blokchchain DXB’ Crypto & Coffee at 8 podcast where we share our commentary and this. See slides 1 & 2 below for the global crypto snapshot.

Two Singapore news
⚡ Singapore Red Cross announced its partnership with the first crypto payment gateway licensed by the Monetary Authority of Singapore (MAS) Authority of Singapore, Triple-A, to enable the option of anonymous donations in crypto. All donations will be converted into fiat currency and settled via bank transfer within one business day. Official news here https://lnkd.in/dJKaC_ux

⚡ The Monetary Authority of Singapore (MAS) mentioned via Twitter that it will commit up to $150 million over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0). More info here https://lnkd.in/dNeGfC_u

FSTI 3.0 will comprise the following new tracks:
- Enhanced Centre of Excellence track 
- Innovation Acceleration track 
- Environmental, Social and Governance (ESG) FinTech track
 

💥 Decrypt articles state Huobi is currently grappling with rumours of Insolvency amidst hefty outflows. Key metrics below
- Huobi exchange: Outflows of $64 million over the weekend
- Total Value Locked (TVL) drop: From $3 billion to $2.5 billion