Crypto News and Developments in August: A Month of Steady Progress and Calm Waters

PayPal Introduces Its Own Stablecoin, PYUSD

PayPal has launched its own stablecoin backed by secure and highly liquid assets, as stated on the official website. The price of one PYUSD is equal to one USD, and it is meant for use in payments and transfers. The reserve holder for PayPal's stablecoin is the well-known industry name Paxos. The launch of PYUSD represents a significant milestone as it's the first stablecoin created by a major U.S. financial company. It is essential to remember that Binance stopped its stablecoin BUSD earlier this year after facing difficulties with U.S. authorities.

Binance Becomes the First Fully-Licensed Exchange in El Salvador

The game of chess continues among players in the crypto world. While some U.S. crypto exchanges are looking for better places to move, others are securing or expanding their positions in different regions. The latest major step comes from the world's leading crypto exchange, Binance has received licenses to legally operate in the crypto-friendly state of El Salvador. This development might indicate some form of partnership or alignment, as two major crypto giants join forces together.

Binance Reports the Latest Proof of Reserve for Its Bitcoin and Altcoin Holdings

We have left the worst behind us for sure, leaving many zombie exchanges in the past. However, we still need to exercise caution. Proof of reserve remains a vital issue across the industry. There is significant effort to create FUD against Binance, but Binance is fighting back in all fields by obtaining licenses and striving for greater transparency. Binance released the latest proof of reserves report. It's important to note that while they have a satisfying amount of funds, questions linger about the actual required reserves and who controls these funds.

Russia's CBDC Trials with 13 Banks Officially Started

Western countries imposed sanctions on Russia following the conflict in Ukraine, effectively excluding Russia from the Western financial system. Since then, Russia has been actively researching and exploring cryptocurrencies and Central Bank Digital Currencies (CBDCs) as part of its efforts to navigate around sanctions through the use of digital currencies. The latest announcement from the Russian Central Bank states that Digital Ruble tests began in August.

Europe's First Spot Bitcoin ETF Is Live

America is falling behind, and Europe is now the best place to build, especially after the MiCA law was passed last May. A more regulated environment in Europe is nurturing crypto activities. While the debate continues in the U.S., Europe has already approved its first spot Bitcoin ETF, which is now actively traded.