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PayPal taps Xoom for cross-border stablecoin payments

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PayPal is expanding its cross-border payment capabilities by tapping into Xoom, its international money transfer service, to facilitate stablecoin transactions. The move is part of PayPal’s broader strategy to integrate cryptocurrencies into its payment infrastructure, offering users a faster and more cost-effective way to send money across borders. Through Xoom, PayPal aims to leverage stablecoins like USD Coin (USDC) to streamline cross-border transfers, making the process more efficient and accessible for consumers globally.

The integration of stablecoins into Xoom is expected to significantly reduce the time and fees typically associated with traditional cross-border payment methods. By using stablecoins, PayPal can bypass the traditional banking system, allowing for near-instantaneous transactions and lower processing costs. This is particularly beneficial for consumers in regions where access to traditional banking services is limited, enabling them to send and receive money using digital currencies in a secure and reliable manner.

PayPal’s move to integrate stablecoin payments through Xoom also aligns with the growing trend of incorporating digital assets into mainstream financial services. The company has been increasingly focused on crypto adoption, having already allowed users to buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, and Litecoin. By expanding into stablecoin payments, PayPal is positioning itself as a key player in the evolving landscape of digital finance, catering to the rising demand for blockchain-based payment solutions.

As PayPal continues to explore new ways to integrate digital currencies into its global network, the partnership with Xoom represents a significant step toward enhancing the accessibility and efficiency of cross-border payments. With the potential for stablecoins to revolutionize international transactions, PayPal’s initiative could pave the way for broader adoption of digital currencies in everyday financial activities, further bridging the gap between traditional finance and the emerging crypto economy.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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