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Despite advances in payment effectiveness and customer care, analysts Alkesh Shah and Andrew Moss from Bank of America think that PayPal USD (PYUSD) won't be widely adopted anytime soon.
They wrote, "Over the longer term, we expect PYUSD to experience additional adoption headwinds as competition from central bank digital currencies (CBDCs) and yield-bearing stablecoins increases." 
Partnering with Paxos Trust, financial giant PayPal has unveiled PayPal USD (PYUSD), focusing on swift and budget-friendly payments.
With backing from dollar deposits, short-term government securities, and similar cash equivalents, PayPal's CEO, Dan Schulman, envisions the stablecoin bolstering the company's foothold in the digital currency space:
"The vision over time is that this becomes a part of the overall payments infrastructure." 
Hedge funds vs. Tether: traders are actively shorting USDT after the collapse of UST
The Terra USD crash did not go unnoticed for other stablecoins pegged to the US dollar. Thus, hedge funds oriented to the cryptocurrency market are seeking to intensify the sale of Tether. The total amount of available offers is hundreds of millions of dollars. 
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. Stably Unveils BRC-20 Stablecoin
Crypto startup Stably has unveiled Stably USD, a dollar-backed stablecoin aimed at transforming trading within Bitcoin’s thriving on-chain economy. The company asserts that its stablecoin offers a more cost-effective and efficient trading experience compared to fiat or Bitcoin itself. 
According to the March 2023 reserve report , a total of 8.7 billion USDC is being held in six banks. However, three of these banks – Silvergate, Signature, and Silicon Valley Bank – are currently experiencing liquidity and solvency issues. The situation is especially dire for Silicon Valley Bank, which held 3.3 billion USDC and has been forced to close by the California Department of Financial Protection and Innovation.
The USDC price has dropped by 15%, to $0.86, in response to these developments. Additionally, the DAI stablecoin has fallen by 10%, as up to 50% of its collateral is held in USDC.
Currently, US Treasury bills account for 77% of the USDC reserves. The remaining 23% is held in cash at various banking institutions. The fate of these funds will depend on the outcome of the bankruptcy process for the affected banks and the amount of funds that can be recovered. Singapore police launch an investigation into Terraform Labs
Do Kwon, who had seemingly disappeared from public view, left behind a significant problem that has continued to affect the crypto market for almost a year. The collapse of his main creations, the Terra USD stablecoin and its ecosystem, has had far-reaching consequences. 
Next month, The Open Network validators plan to vote on freezing 195 inactive addresses.
These addresses hold more than 1 billion TON coins, which amounts to $2.5 billion USD. If this decision is made, the blocking will last for 4 years and the owners of these wallets will not be able to make any transactions during this period.
A forced hold for long-term holders? It's interesting, but short term holders could definitely use some freezing! 
