Crypto ews recap: PayPal launches a new Stablecoin

Subscribe Subscribe Albawaba- In this week's crypto highlights, PayPal unveils its PYUSD stablecoin backed by Paxos, BitOasis partners with VARA for compliance, and the UAE asserts its position as a significant BTC mining hub. Let's dive in! UAE Emerges as Leading Middle Eastern BTC Mining Hub and Digital Economy Pioneer The UAE has become a key BTC mining hub in the Middle East, driven by a focus on block reward mining and Web3 innovation. Notably, Luxor Technologies reveals the UAE now commands 4% of the global BTC hash rate, with major players like OKX and SmartLedger drawn by favorable regulations. Despite challenges such as high temperatures and power costs, the UAE government's substantial investments in blockchain industry growth position it to rival established players like Kazakhstan and Russia. Pioneering initiatives, including the world's first International Digital Economy Court and robust legal frameworks for technology, underscore Dubai's ascent as a global digital economy leader, fostering innovation, investment, and technology adoption. BitOasis Collaborates with VARA to Secure Operational MVP License Compliance BitOasis is partnering with VARA to meet the conditions for its Operational MVP License, aimed at Institutional and Qualified Retail Investors, following a VARA market notification. While BitOasis' license was temporarily suspended for these segments, existing retail services remain unaffected. New client onboarding will resume once full VARA compliance is achieved. BitOasis is committed to working closely with VARA to fulfill licensing requirements and obtain the Full Market Product (FMP) license while prioritizing transparency and regulatory alignment. Stay tuned for updates on BitOasis' progress in maintaining its role within the virtual asset ecosystem. PayPal Launches PYUSD Stablecoin Backed by Paxos PayPal has unveiled a new stablecoin, PayPal USD (PYUSD), pegged to the U.S. dollar and fully collateralized by Paxos Trust Co. Built on Ethereum for digital payments and Web3 applications, PYUSD will soon be accessible to U.S. customers. It offers compatibility with exchanges, Web3 apps, and wallets, and can be exchanged for other cryptocurrencies on PayPal, enhancing the platform's crypto payment ambitions. The launch reflects growing demand for stablecoin alternatives amidst evolving U.S. regulatory discussions. Subscribe Sign up to our newsletter for exclusive updates and enhanced content Subscribe Now Subscribe Sign up to get Al Bawaba's exclusive celeb scoops and entertainment news Subscribe to our newsletter for exclusive updates and enhanced content Subscribe