Episode Details

06th June: Crypto & Coffee at 8.
💡 Paxos Launches Regulated Stablecoin, 🚨 Coinbase Introduces Smart Wallet 🐶 Bitcoin-based DOG memecoin 🚀 Centralized crypto exchange volume

💡(USDL) — Stablecoin that generates yield
- Paxos has launched a new stablecoin called the Lift Dollar (USDL), issued by its UAE division and regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market. USDL is designed to generate a programmatic daily yield of around 5%, similar to the returns on U.S. Treasury bonds. Like other Paxos stablecoins, USDL is backed 1:1 with dollars and short-term U.S. government securities, ensuring asset safety and regulatory oversight.

💡Important to note Paxos USDL will not be available in the U.S. because of a lack of regulatory guidance. but will focus on the Argentine market through partners Ripio, Buenbit, and TiendaCrypto. For the launch, Paxos is reducing its asset management fee to 20 basis points, allowing users to receive a yield of more than 5%. Info via CoinDesk https://lnkd.in/dCKnNMwP 

🚨 Coinbase has launched its Smart Wallet, designed to simplify the onboarding process for new users in the DeFi space. The wallet allows users to create a free, secure, self-custody wallet in seconds and seamlessly use their Coinbase balances. It also addresses challenges such as slow and expensive transactions and the need to manage multiple wallets. Coinbase’s new wallets aim to address challenges to the typical DeFi user experience, especially getting started. via Decrypt here https://lnkd.in/d-w_HGJg 

🐶 The Bitcoin-based meme coin DOG, launched on the Runes protocol, is nearing a $1 billion market cap after a 200% rise in the past month. It is now the largest meme coin on Bitcoin and the seventh-largest overall. DOG, which debuted on April 20 during the bitcoin halving event, initially fell by 60% but has recently surged amid increased meme coin activity. The Runes protocol aims to improve transaction speed and cost on Bitcoin. DOG has seen nearly $100 million in trading volume in the past 24 hours, although meme coins remain highly volatile and driven by social media trends.

❗ According to the latest report by CCData, In May, the combined spot and derivatives trading volume on centralised exchanges fell 20.1% to $5.27tn, as major crypto assets including Bitcoin and Ethereum remained largely rangebound. Toward the end of the month, many assets experienced a sudden spike in volatility following the SEC’s surprise approval of spot Ethereum ETF in the US. Report here https://lnkd.in/dFvfYifS

🟠 Two UAE news( See slides)
⚡ Central Bank of the United Arab Emirates (CBUAE) completes the first real-value cross-border payment transactions “mBridge” in pilot wholesale CBDC project
⚡ Dubai “ AI Retreat” to Convene 1,000 AI Experts,