The Wild and Wondrous Journey of PYUSD

Exploring the New Species in the Crypto Rainforest and More!

Author

Jungle Degen
August 11, 2023

Greetings Crypto Explorers! 🌴🦜

This week, we’re focusing on a majestic newcomer to the crypto jungle - PayPal’s PYUSD.

From its birthplace in Ethereum’s fertile ground to its adoption in the PayPal ecosystem, we’re tracking this new creature’s every move. But that’s not the full story! We’ve got more exciting trails to tread.

We’ll peek into the SEC-Ripple Labs face-off, decipher the riddle of the dwindling stablecoin supply, and explore Microsoft’s blend of AI and web3. Plus, we’ll swing by El Salvador’s welcoming of Binance and MetaMask’s rise to popularity.

As always… Stay Wild! 🌿🦁🚀.

🦍 The Big Jungle Roar

This week's monumental event that shook the crypto-jungle. Roar with us!

PayPal launches PYUSD stablecoin backed by the US dollar

www.theverge.com/2023/8/7/23822752/paypal-pyusd-stablecoin-cryptocurrency

In today’s expedition, we’re tracking the silverback of online payments, PayPal, as it swings into the lush foliage of the crypto jungle. And it’s not just visiting; it’s introducing a brand new creature into the wilderness: PayPalUSD (PYUSD), its very own stablecoin.

Like a chameleon blending seamlessly with its surroundings, PYUSD is fully camouflaged by U.S. dollar deposits. This steady beast can be bought or sold at a consistent $1.00 per PYUSD on PayPal’s app or website. And it’s not just a pretty face! The PYUSD is as versatile as a jungle cat, ready for person-to-person payments, funding your purchases, and even transfers between your PayPal nest and other wallets roaming the wilderness.

Get your binoculars ready! This dynamic newcomer is preparing to spread its wings and will soon flutter into the wallets of PayPal Balance account holders in the U.S. But that’s not all! It will also be swinging onto the branches of the Venmo app before you know it.

This new creature was born from Ethereum’s fertile ground and raised by the Paxos Trust Company, a New York firm that provides a regulated blockchain habitat to its crypto clients.

So there you have it, fellow explorers! A new creature has entered our ever-evolving digital rainforest.

🌎 More on PYUSD

🦁 King of the Crypto Jungle

Unleashing the top beasts of this week's crypto news. Beware, it's a wild ride!

🐒 Meme Monkeys

Hopping onto the funniest and savviest crypto memes that swung through the jungle this week.

🦜 Jungle Mystery of the Week

Can you solve our crypto-themed riddle? The answer lies hidden deep within the jungle. Share your guesses on Twitter and tag us! (we may gift someone some crypto 👀)

In the crypto jungle, a new creature stirs, Its essence stable, no growl or purrs. Tied to the dollar, it doesn’t sway, Each one equals a buck, come what may.

Born from Ethereum, by Paxos fed, It roams the wild, nothing to dread. What is this creature, known far and wide? Hint: It’s PayPal’s pride, its digital ride.

🦩 Tweets from the Jungle

Check out these wild crypto tweets that have made it to the jungle!

🐊 Crypto Swamp Watch

  • Bitcoin (BTC) - $29,386.64 (1.51%)

  • Ethereum (ETH) - $1,843.82 (1.17%)

  • Top Gainer: Shiba Inu (+20.97%)

  • Top Loser: GMX (-12.07%)

Snapshot taken on the 11th of August, around 3:02pm, Jungle time.

🍍 Jungle Poll Parrot

Join our parrot's poll! This week's squawk…

PayPal’s decision to create PYUSD was…

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🐯 Jungle Snapshots

Our grand finale - Jungle madness, guaranteed wilder than any pump and dump. Enjoy, you crypto beasts!

A tree fell… 18hrs with no power…

👋 That's all for this issue of Jungle Tales! As we part ways, let's remember the wise words of a crypto degen:

In the vast wilderness of the blockchain jungle, it’s easy to lose oneself in the mesmerizing glow of screens and forget the tactile reality. Remember, even the mightiest explorer must occasionally touch the grass, feel the earth beneath their feet. As we navigate this digital expanse, let’s not detach from the physical world that grounds us. Embrace the balance between the virtual and the real, for in this equilibrium lies true wisdom and well-being.

Don't forget to share our newsletter with your fellow crypto adventurers, and follow us on Twitter.

Until next time, keep exploring the wild world of crypto!

Pura Vida,

Jungle Degen

JUNGLE WARNING: Hear me, ye dauntless navigators of the crypto wilderness. This parchment holds no keys to monetary splendor. Consider it more of a cryptic map of the jungle, teeming with teachings, not a treasure chest marked with an 'X'. It neither mutters veiled secrets of investment, nor beckons you to swap your prized assets or enact any fiscal transactions. In this unpredictable crypto habitat, caution is your most trusted ally, and your own robust investigation, the steadfast compass. Equip yourselves with the shield of wisdom, as you traverse the intricate network of paths. Remember, swift success is often a false trail; it is through enduring patience, adroit maneuvering and careful strategy can you navigate this mysterious landscape. The jungle is vast and filled with enigmatic conundrums; let your own diligent research be the torch that dispels shadows. Don't be lured by the glimmering illusion of quick profits, but bend your will to the pursuit of genuine understanding. Keep your wits about you and eyes wide open on this crypto-quest. To cut a long story short, this is NOT financial advice. Safe travels, crypto explorers!hapcan