Connect with us

News

PayPal expands PYUSD to Solana, targets payment use cases

PayPal has announced the expansion of payment use cases for its PayPal USD (PYUSD) stablecoin and Solana (SOL). This strategic expansion aims to enhance the utility and accessibility of digital payments, reinforcing PayPal’s commitment to integrating cryptocurrencies into mainstream financial services.

Published

on

PayPal has announced the expansion of payment use cases for its PayPal USD (PYUSD) stablecoin and Solana (SOL). This strategic expansion aims to enhance the utility and accessibility of digital payments, reinforcing PayPal’s commitment to integrating cryptocurrencies into mainstream financial services.

The initiative will allow PayPal users to leverage PYUSD and SOL for a variety of transactions, including peer-to-peer payments, merchant services, and other everyday financial activities. This development is expected to drive greater adoption of digital currencies by providing users with more versatile and efficient payment options.

PayPal’s PYUSD, a stablecoin pegged to the US dollar, offers a reliable means of conducting transactions without the volatility typically associated with cryptocurrencies. The inclusion of Solana, known for its high-speed transactions and low fees, further complements PayPal’s payment ecosystem by providing users with fast and cost-effective payment solutions.

Jose Fernandez da Ponte, PayPal’s Senior Vice President and General Manager of Blockchain, Crypto, and Digital Currencies, emphasized the company’s dedication to innovation in the financial sector. “Expanding the use cases for PYUSD and Solana reflects our ongoing efforts to make digital currencies more practical and accessible for everyday use. We are committed to driving the adoption of cryptocurrencies by integrating them seamlessly into our payment platform,” he said.

This expansion comes at a time when the adoption of digital currencies is rapidly growing, driven by increased interest from both consumers and businesses. By integrating PYUSD and Solana into its payment options, PayPal is positioning itself at the forefront of this digital transformation, offering its extensive user base the ability to engage with cryptocurrencies in a more meaningful way.

The enhanced payment use cases for PYUSD and Solana are part of PayPal’s broader strategy to embrace and promote the use of digital currencies. This move is likely to encourage more users to explore the benefits of cryptocurrencies, further bridging the gap between traditional finance and the emerging digital economy.

As PayPal continues to innovate and expand its crypto offerings, it remains committed to providing secure, reliable, and user-friendly financial services. The integration of PYUSD and Solana into its payment infrastructure marks a significant step in the evolution of digital payments, setting the stage for broader acceptance and use of cryptocurrencies in everyday transactions.

Business

Binance tightens South African compliance rules for crypto transfers

Published

on

Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

Continue Reading

Business

Ethereum bounces back as market dominance recovers from all-time low

Published

on

Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

Continue Reading

Business

SEC says it won’t re-file fraud case against Hex’s Richard Heart

Published

on

The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk