The cool side of the blazing crypto ecosystem.
A Crypto newsletter covering the latest news that matters.

What’s in today’s cooler:

• Federal Reserve Monitors Crypto Activities in US Banks

• PayPal Launches Dollar-Backed Crypto Stabecoin

• Best Thing I Saw All Week - NO FOMO

• More On Tap News

The US Federal Reserve has come up with new guidelines to closely monitor crypto activities in banks. The program launched on August 8th is called the “novel activities supervision program” which is a strategy for supervising all bank interactions with digital assets. More info here.

This program will have digital assets experts from the Federal Reserve collaborate with the regular supervisory team to view anything in the crypto space.

Interestingly this program is focused on stablecoins and the engagement of fiat-backed currencies.

Any bank that is involved with issuing, holding, or transacting in stablecoins MUST be pre-approved. They must also, demonstrate they can execute them in a manner that is safe and sound. Including their ability to identify, assess, monitor, and control the risks associated with issuing or engaging with stablecoins.

In conclusion, this program helps refine the bank’s involvement in crypto while staying safe and in check with regulations. Good for advancements and more info for everyone skeptical but interested in crypto.

On Monday, August 7th, PayPal officially launched its US dollar stablecoin. This marks the first major financial technology firm to embrace digital currencies for the use of payments and transfers.

Stablecoins have been around for years, and there is nothing new here. Many stablecoins are simply used to trade cryptos such as bitcoin and ether.

The coin PayPal USD or PYUSD is backed by dollar deposits and short-term US Treasuries, and will be issued by Paxos Trust Co. A NY-based financial institution and technology company specializing in blockchain; crypto brokerage services, asset tokenization, and settlement services.

A high-profile company means more mass adoption of crypto right?
Not so fast, there are some red flags about this new stablecoin that aren’t similar to others.

First off the code for PYUSD is written in a very old version of solidity. Also, the stablecoin gives the company the ability to freeze and wipe your assets.

A user with the wallet nd4.eth has burned (a term for permanently removing a number of tokens in circulation) over $7.8 million with of crypto this past week.

Starting with 2,500 ETH, then 36,188 GMX, and 311,003 GNS. The user sends all this crypto to a dead address, basically an address that no one has access to.
IS THIS GUY CRAZY?? Many say its a cheeky tax write off, but who really knows.

On Tap News

Circle Launches Programmable Wallets for Devs - Amazing news for Blockchain powered apps.

ONLY 6 Out of 45 Crypto Wallet Brands Have Done Penetration Testing - 3rd party pen testing is so important and should be told of mind for companies & users.

Base, the Coinbase Blockchain, is Officially Launched - How good is it and what’s next?

Post Malone & Joe Rogan Take Digs at CBDC - Very interesting…

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Disclaimer: The information shared in this newsletter is for informational purposes only and should not be considered financial advice. It is crucial to conduct independent research and consult with a financial advisor before making any investment decisions.