Three Things (8/9)
Aug 9, 2023
"This is not just a milestone moment for Paxos & PayPal, but for the entire financial industry." - Paxos official account
PayPal’s stable steps
This week, PayPal rolled out a dollar-backed, regulated stablecoin called PayPal USD (PYUSD) on the Ethereum blockchain. Customer assets will be fortified by Paxos, the token’s issuer, which operates under the watchful eye of the New York Department of Financial Services (NYDFS), ensuring a protective layer against bankruptcy pitfalls.
Although stablecoins (crypto tokens pegged to stable assets to mitigate volatility) have existed for years, they've struggled to break into mainstream consumer payments. A major player like PayPal entering the scene is a sign that may be changing, and is also a nice confidence boost for the broader crypto industry. (Coindesk)
Tesla's C suite one down
Tesla’s CFO Zachary Kirkhorn is unexpectedly waving goodbye after a 13-year stint at the electric vehicle giant. His departure has sparked speculation about the organization's succession plans and introduced a dose of uncertainty about its leadership outlook. Taking the reins is Chief Accounting Officer Vaibhav Taneja, a role he’ll be adding to his existing responsibilities.
Despite challenges, Tesla's stock price has surged over 100% this year, highlighting the shifts that continue to reshape the electric vehicle industry, as corporations place their bets and play their cards in a rapidly evolving game.
Global trade takes a dip
China's exports to global markets took a significant dip in July, amplifying existing economic challenges and highlighting the repercussions of dwindling Western demand on growth. Across the ocean, American imports and exports also declined in June, a sign of cooling U.S. economic activity as rates remain high.
“Overall, the outlook for global trade in the second half of 2023 is pessimistic,” the United Nations Conference on Trade and Development wrote in a June report. Despite recent rebounds, the global landscape continues to trudge through uncertain terrain. (WSJ)