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Facing increased competition from conventional financial giants like PayPal Holdings Inc., Circle is taking strategic measures.
To counter this threat and counterbalance the diminishing market share of its USD Coin stablecoin, Circle is expecting leveraging a substantial cash reserve surpassing $1 billion.
The circulating supply of Circle’s USD Coin has experienced a decline, shrinking from $45 billion to around $26 billion since the start of this year. 
As FTX undergoes restructuring, it finds itself clashing with the Official Committee of Unsecured Creditors over asset governance.
John Ray III has shown unease about UCC's idea of diverting $2.6 billion to U.S. Treasury bonds, all to offset anticipated professional expenses of nearly $330 million.
FTX has formerly assailed UCC's strategy and blamed the committee of attempting illegal oversight over client assets. 
Carlyle Group co-founder David Rubenstein, in an interview with Bloomberg, expressed his regret for missing the opportunity to invest in Bitcoin when a single coin was worth just $100.
Not one to dwell on past mistakes, David's currently pouring capital into companies making crypto trading accessible for everyone.
Sound familiar? David's story echoes in many of us. 
After nd4.eth's dramatic incineration of 2500 ETH valued in the millions 15 days prior, the anonymous figure continues to confound the crypto community.
This unidentified actor has recently transferred 3 NFTs from top-tier collections BAYC, MAYC, and BAKC to a burn address, with an aggregate value exceeding $88,000.
A deliberate obliteration of digital wealth rages on! 
"Simply put, no. Bitcoin raises concerns among both local and European regulators. Our primary business demands our focus, and it wouldn't be rational to jeopardize it by engaging with a high-risk asset like Bitcoin," says Mykhailo Rohalskyi.
He believes that cryptocurrency lacks advantages over fiat money, apart from the potential to sidestep local currency regulations.
Speaking on Ukraine's crypto landscape, the Monobank co-founder added:
"I'm skeptical about the widespread acceptance of cryptocurrencies in our country. The approach of the National Bank of Ukraine to crypto regulation remains uncertain." 
US District Judge Analisa Torres in New York had previously indicated that XRP sales to sophisticated investors fulfilled the criteria for an investment contract under federal securities law
However, this characterization didn’t extend to programmatic investors, which pertains to the general public buying crypto through exchanges. 
In spite of increasing concerns among its creative workforce, Disney has established a specialized task force to study the applications of artificial intelligence within its different fields of work.
The group aims to both pioneer in-house AI-based solutions and to bridge ties with novel startups, hoping to incorporate their pre-developed tech advancements. 
In a joint effort to combat the growing phenomenon of AI-based music forgeries in the industry, companies are working together.
Their main aim, though still in initial talks, is to develop a tool that would allow songs generated by artificial intelligence, emulating artists, to be created on legitimate grounds. 
Several leading venture capital companies such as Temasek, Sequoia Capital, and Softbank, are now facing legal challenges over alleged complicity in FTX fraud.
The claimants in the lawsuit accuse the investors of using their power and financial resources to support the exchange's activities, despite numerous legal violations and misappropriation of customer funds by FTX.
For instance, before the eventual bankruptcy of the exchange, Temasek affirmed that their rigorous eight-month scrutiny of financial aspects and compliance standards yielded no troubling findings. 
Salvator Mundi, attributed to Leonardo da Vinci and famously sold for $450.3 million at Christie’s New York, is set to be transformed into a NFT.
The digital tokenization of this controversial artwork, depicting Christ with a crystal orb, will be carried out by ElmonX, a digital assets platform, in collaboration with Bridgeman Images, an international image licensing company.
The terms of the NFT sale are scheduled to be revealed on August 12.
This initiative follows the successful NFTization of renowned artworks such as Mona Lisa, Van Gogh’s Starry Night, , Auguste Rodin’s The Thinker, and Claude Monet’s Nymphéas, each created in partnership between the two entities.
A total of 330 editions of the Mona Lisa were sold for £150.00 each. 
Elon Musk's legal team argues that his court battle with a group of disgruntled Dogecoin investors has dragged on for too long.
The billionaire’s attorney, Alex Shapiro, has requested the dismissal of the revised lawsuit.
“Enough is enough,” Shapiro wrote. “This action is yet another example of counsel’s abusive and belligerent litigation tactics.” 
Tether CTO:
"The launch of PayPal stablecoin doesn’t impact Tether as the firm does not serve U.S. users. If PYUSD launches in international markets, it could have a positive impact on the crypto industry and potentially erode revenues for payment giants like MasterCard and Visa."
Co-founder of zkLend:
"PayPal will indeed bolster the perception and acceptance of cryptocurrencies, but it can lead to a diminished market share for decentralized stablecoins, threatening the very principles of decentralization that underpin the crypto space."
Analysts at JPMorgan:
"This could boost Ethereum activity and enhance Ethereum’s network utility as a stablecoin/DeFi platform. PYUSD could fill the void left by the $20 billion shrinkage of Binance's BUSD stablecoin, which was forced to shut down by U.S. regulators earlier this year."
Co-founder of Sei Network:
"The gas fees of using PYUSD will be ridiculous, which will disincentivize its usage. To help make the user experience better, PayPal will either need to subsidize transaction costs or will need to help support PYUSD on other networks with cheaper gas fees."
It's worth noting that PayPal currently serves 435 million customers globally. 
Following the Bank for International Settlements' official announcement on August 9th, Ripple has been included in a task force targeting the enhancement and facilitation of cross-border payments.
The core task is to fine-tune international payments by increasing the accessibility of payment systems and nurturing the links between them, encompassing API consolidation. 
The recent debut of PayPal's stablecoin, PYUSD, has drawn concern from Congresswoman Maxine Waters. She criticized PayPal's entry into the cryptocurrency market without a defined federal regulatory structure.
Highlighting PayPal's vast clientele, which outnumbers the combined accounts of major banks, Waters stressed the pivotal role of federal oversight in crypto dealings:
"As I’ve said for more than a year, without legislation on the books that establishes clear and strong consumer protections at the Federal level, consumers are at greater risk of harm at the hands of bad actors." 
Casting their gaze five years into the future, investment company Bernstein speculates the stablecoin market will burgeon to a staggering $2.8 trillion.
A key catalyst for this boom? The widespread adoption of stablecoins by financial platforms, a trend set to amplify the circulation of these tokens. 
The US Consumer Price Index, which measures inflation, is set to be unveiled at 12:30 pm UTC.
Current index level: 3.0%
Forecast: 3.3%, marking a 0.3% CPI increase
Discover more about the CPI in our article.
Stay vigilant during potential market swings and approach trading wisely!
UPD: The rate of inflation in the United States has risen to 3.2%, a bit under the forecasted amount. 
The TVL of Coinbase's blockchain has surged to $146 million following its mainnet launch, surpassing StarkNet's TVL of $112 million.
What's particularly striking is that roughly 87% of Base's TVL is held in ETH.
However, the network's throughput still has room for improvement, with its TPS standing at roughly 5.81.
For comparison, here are the TPS figures of other L2 solutions:
Optimism — 6.88
Arbitrum One — 7.26
zkSync Er — 10.72 
Company’s CTO Paolo Ardoino has shared his excitement about a mobile app designed to facilitate international purchases settlements B2B, B2C and C2C based on USDT and XAUT payments.
Notably, the app will also incorporate support for Bitcoin Lightning.
Paolo stated that he envisions this app as the future of trade finance.
Having personally reviewed the code, his experience as a developer has left him genuinely impressed. Currently, the app is in its testing stages, with more specifics yet to be unveiled. Investigating the CoinsPaid Hack!
The audacious breach of crypto payment giant CoinsPaid appears to bear the hallmark of Lazarus – the elusive North Korean faction known for navigating the Web3 waters in pursuit of Kim Jong-un's military endeavors. Shockingly, they allegedly siphoned off $37 million from CoinsPaid on July 22. 
Identifying a crucial flaw in HackenProof's system, the hacker known as blazezaria was rewarded $1 million, with payouts over the course of a year.
He then pledged to allocate 10% from each disbursement to a Ukrainian fund aiding the AFU. The initial contribution of 8290 USDT has been successfully executed. 
Aptos Labs is set to work with Microsoft to infuse its blockchain products, including fresh developments, with artificial intelligence.
Aptos Assistant, a chatbot, is one such innovation that educates users about the Aptos ecosystem and assists developers in crafting smart contracts and decentralized apps.
A 15% rise in the APT token's value followed the announcement of the collaboration. 
The study also revealed that 1 in 3 New York residents views cryptocurrencies as a potential contributor to a more equitable financial system and a valuable investment for the future.
The report highlighted the growing adoption of cryptocurrencies within New York, making the state a hub for diverse blockchain initiatives.
It pointed out the existence of 692 blockchain organizations and over 800 founders located in the state of New York. 
The purpose of this program is to impose restrictions on certain cryptocurrency-related activities and create a more level playing field for banks involved in serving the digital asset industry.
It which aims to ensure consistency in crypto-related regulations for all banks under Federal Reserve supervision.
The activities that fall under the purview include custody, lending, trading, issuance, and distribution of crypto, including stablecoins. 
Following a probe by the Twitter user OnchainPenguin, a dubious $9.5 million transaction was tied to a fresh acquisition proposal.
The inflow to Hodlnaut's wallet was 2221 times higher than the average. Insights from OnchainPenguin pinpoint this account as the source of rewards to OPNX’s leadership.
It seems that Hodlnaut's funds were in some way supporting OPNX's functional outlays,and the trading platform's chiefs might be on a mission to save the virtual currencies FLEX and OX. There's a looming risk that these tokens could nosedive in value if Hodlnaut opts to liquidate its possessions to repay its lenders. 
Japan's Soramitsu is at the forefront of crafting a system that enables cross-border transactions specifically tailored to the Asian market.
This initiative involves leveraging the Cambodian CBDC to cater to markets in India, China, and Japan.
Additionally, Soramitsu aspires to establish a Japanese exchange for stablecoins, simplifying currency conversion across various countries. Never miss any of the latest cryptocurrency news, in-depth crypto market analysis, and breaking updates on blockchain technology. From Bitcoin price trends to emerging NFT projects and DeFi developments, GNcrypto has everything to keep you informed and ahead. Stay informed and ready to seize the next big opportunity in the crypto world!