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The SEC faces legal challenges, PayPal's stablecoin grows with Solana integration, and state-backed stablecoins gain momentum.
Here are some headlines crypto investors may have missed.
SEC Faces Legal Hurdles in Stablecoin Regulation
Binance and CZ have pleaded guilty to unlawful activities, paid billions in fines, and face huge legal hurdles, but the SEC just suffered a legal setback in its Binance efforts. The SEC closed its inquiry into Binance USD stablecoin issuer Paxos without recommending enforcement.
Paxos should celebrate the lack of enforcement action, but it may potentially affect crypto regulation.
Stablecoins will benefit as the SEC faces more legal battles to designate the whole crypto sector as securities.
Since these cryptoassets, almost all of which are backed 1:1 by the USD, were designed to be used as a medium of exchange rather than an investment vehicle, these setbacks may allow for more objective discussions.
PayPal’s PYUSD Gains Traction with Solana Integration
PayPal's stablecoin initiatives have persisted after a low-profile launch and an SEC probe. Forbes reports that recent integration with the Solana blockchain has increased the token's market cap to above $500 million. DeFillama data suggests that Ethereum's supply is $399 million, 77% of the total supply, with the rest on Solana.
Solana supply jumped 58% in the first week of integration, while Ethereum supply dropped 6%.
Given PYUSD's consumer name familiarity and Solana integration's rise, PayPal and PYUSD appear poised for continued expansion and use.
Wyoming’s State-Backed Stablecoin WYST Makes Waves
Minting of the state-backed token began in May 2024 after some pushback and legislative issues. The 1:1 U.S. dollar-backed token will commence circulation in 2024 under the ticker WYST.
Senate Enrolled Act 85: Wyoming Stable Token Act authorized the Stablecoin Commission to create the first U.S. state-backed stablecoin. The Ethereum-based WYST will only be exchanged on centralized exchanges like Coinbase.
While it is too early to judge how successful or widespread WYST will be, the fact that one state has gone so far so rapidly shows how popular stablecoins are.
Stablecoins are here to stay and are vital to TradFi, centralized exchanges, DEX, and crypto investors of all sizes.
