PayPal Expands Crypto Capabilities for Business Accounts and Launches PYUSD Stablecoin

Daily Top Performer — Celo (CELO)



The SPX index was down by 0.19%, led by losses in energy stocks like Chevron and Exxon Mobil. Investors are now awaiting jobless claims data and additional Federal Reserve commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 2.33%, with Bitcoin and Ether dropping by 1.77% and by 2.70%, respectively in the past 24 hours.

Today's top performer is CELO, which surged 16.6% following Vitalik Buterin's endorsement of Celo's achievement in surpassing Tron in stablecoin addresses and its upcoming upgrade to Ethereum L2.

Celo (CELO), launched on April 2020, is a cryptocurrency platform focused on mobile payments and financial inclusion, enabling transactions via phone numbers. It supports dapps for social causes and operates with two tokens: CELO for governance and cUSD as a stablecoin. Vitalik Buterin praised Celo for surpassing Tron in daily stablecoin addresses and announced its Alfajores testnet upgrade to Ethereum L2 on September 26. This transition enhances Celo's integration with Ethereum, fostering innovation. In 2024, major stablecoins like USDC and USDT integrated with Celo, driven by apps like Minipay and Valora.



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Talk of the Town:

On September 25, PayPal announced that business accounts can now buy, sell, and trade cryptocurrency directly from their accounts, following its 2020 launch for individual users. This new feature will be available to US merchants, excluding those in New York, with senior VP Jose Fernandez da Ponte highlighting the demand from business owners for similar capabilities. Additionally, PayPal introduced the PYUSD stablecoin, fully backed by US dollar deposits, and expanded its use to the Solana network to lower transaction costs for small purchases. PYUSD has reached a $1 billion market cap but still lags behind Tether and Circle's stablecoins, which have market caps of $118 billion and $35 billion, respectively.



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Bitcoin Spot ETF Flows:





Yesterday, the total BTC Spot ETF outflow was $78.5 million, with no change in GBTC and a $78.5 million outflow from non-GBTC funds.



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Airdrop to Watch:

Pencils Protocol's $DAPP token airdrop is now live. Users can check their allocation and claim to CEX immediately, while the wallet claim option will be available on September 27. The total supply is 100 million $DAPP tokens. Trading is expected to start on September 27 at 10 AM UTC, though not confirmed. The focus was on farming Scroll Marks using Pencils Protocol.