Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
PayPal To Let US Merchants Accept Payment In More Than 100 Cryptocurrencies
PayPal is now allowing US merchants to accept payments in over 100 cryptocurrencies, massively expanding their digital asset reach and potentially driving mainstream crypto adoption.
This move signals PayPal’s deeper push into the crypto space, building on earlier steps like enabling users to buy, hold, and sell digital assets.
The solution offers a competitive 0.99% transaction rate and allows merchants to earn 4% rewards on PYUSD holdings.
PayPal’s integration follows its recent PayPal World launch, which unified five major global digital wallets.
The service will be available to US merchants in the coming weeks, supporting major cryptocurrencies including BTC, ETH, USDT, XRP, BNB, Solana, and USDC.
Interactive Brokers Considers Allowing Crypto Stablecoin Funding For Brokerage Accounts
Thomas Peterffy, founder of Interactive Brokers, told Reuters that the company is evaluating methods to integrate stablecoins into its range of products and services.
Although it has not settled on a specific path, multiple options are being considered for delivering these tokens directly to end-users.
Peterffy added that the group is concentrating on facilitating 24/7, immediate top‑ups of brokerage accounts through stablecoins. Meanwhile, it is investigating smoother transfer mechanisms for widely held digital assets in and out of customer accounts.
Stablecoins represent digital units tied to underlying assets, often the US dollar, and are designed to facilitate cross-border value transfers outside conventional banking systems.
CryptoPunks NFTs See Highest Weekly Trading Volume Since March 2024
CryptoPunks NFTs have hit their highest weekly trading volume since March 2024, with a staggering $35.1 million traded over 172 transactions, signaling a strong revival in the Ethereum NFT market.
This spike reflects a broader uptick in the NFT market, with Ethereum-based projects driving sales to $157.6 million last week.
CryptoPunks alone accounted for a significant chunk, showcasing renewed collector interest. The surge aligns with Ethereum’s price momentum, boosting liquidity in the NFT ecosystem.
eToro To Launch Tokenized US Stocks On The Ethereum Blockchain
eToro is set to launch tokenized US stocks as ERC20 tokens on the Ethereum blockchain, blending traditional finance with DeFi. This move expands their blockchain journey, offering 24/5 trading on 100 popular US stocks.
Their strategy includes two-way conversion between tokenized and traditional assets, creating a unique interoperability. This could position eToro at the forefront of both trading ecosystems amid evolving regulations like MiCA.
Tokenized stocks represent digital counterparts to traditional equities, with each token mirroring the value of a real share. By digitizing ownership, eToro aims to lower entry barriers for retail investors, particularly for high-priced stocks, while expanding global access to US markets.
SEC Officially Allows Crypto ETFs To Create And Redeem Shares Using Bitcoin And Ethereum Directly, Instead Of Cash
The SEC has officially approved in-kind creations and redemptions for crypto ETPs, a major step for Bitcoin and Ethereum ETFs. This allows investors to swap shares for actual crypto, boosting efficiency and self-custody options.
This ruling, detailed in the SEC’s press release, marks a shift in regulatory stance. It enables institutional and retail investors to directly handle underlying assets like BTC and ETH, cutting cash conversion friction.
Regarding the impact on market dynamics, expect tighter spreads and better liquidity for crypto ETPs. This could attract more institutional players, as direct crypto redemptions align ETFs closer to traditional asset mechanisms, per recent web insights.
Kraken To IPO At $15B Valuation, Looking To Raise $500M
Crypto exchange Kraken is reportedly eyeing an Initial Public Offering (IPO) with a $15 billion valuation, aiming to raise $500 million in fresh capital to fuel expansion and solidify its market position, according to The Information.
While the exchange has not officially confirmed its IPO plans, CEO Arjun Sethi said at the time that Kraken would only go public if it meaningfully benefits users, partners, and shareholders.
Notably, Bloomberg reported in March that Kraken could prepare for a possible IPO as early as Q1 2026.
US Senator Cynthia Lummis Seeks To Recognize Crypto As Mortgage Collateral
US Senator Cynthia Lummis of Wyoming has introduced a bill that could reshape how Americans finance their homes.
Titled the 21st Century Mortgage Act, the bill proposes that cryptocurrency be recognized as a legitimate asset for mortgage applications, allowing digital asset holders to use their crypto as collateral when applying for single-family loans.
Lummis said that the bill adopts a modern approach to building wealth and highlighted that, even for those who do not invest in digital assets, they likely know someone who does. She added that the bill aims to promote economic inclusion and reflects current trends in accumulating wealth, particularly among younger investors.
If approved, borrowers would not be required to convert their crypto holdings into fiat currency. Instead, the value of the crypto assets could be directly valued or considered when assessing the mortgage application. This could enable buyers to not risk out on potential asset growth by selling their tokens to be eligible for a home loan.
RAKBANK Becomes The First UAE Bank To Offer Crypto
The National Bank of Ras Al Khaimah (RAKBANK) has created history by being the first traditional bank in the United Arab Emirates (UAE) to provide retail cryptocurrency trading through its mobile banking app.
This groundbreaking service, operated by Bitpanda in Austria, lets clients buy, sell, and swap digital assets directly with UAE dirhams (AED).
Right now, the crypto service is invitation-only, and RAKBANK plans to roll it out to more customers over the coming months. The bank sees it as a way to merge regulated finance with digital assets in a straightforward way.
Federal Reserve Leaves Interest Rates Unchanged, Remains At 4.25% – 4.50%
The Federal Reserve has decided to keep interest rates unchanged at the current range of 4.25%-4.5%, marking the fifth consecutive meeting without adjustments, as widely expected by markets and experts.
Amid economic uncertainty and geopolitical shifts, the Fed’s decision reflects a wait-and-see approach. Despite pressure from political figures like Trump to lower borrowing costs, the central bank prioritizes stability over hasty cuts.
Investors are now laser-focused on Chairman Jerome Powell’s upcoming remarks. Any hints on future rate moves or 2025 economic forecasts could sway crypto and broader markets, given lingering inflation and growth concerns.
Final Thoughts
So that’s it for this week!
To stay ahead of the game with the freshest crypto news and insights delivered straight to your inbox, consider subscribing to UseTheBitcoin’s newsletter today.
Have a fantastic week ahead!
