Sponsored by Lithium Chile

PayPal launches stablecoin

On Monday, PayPal (NASDAQ: PYPL) unveiled its latest innovation: a stablecoin digital currency named PayPal USD. This new offering, backed by Paxos Trust Company, is tethered to US dollars and is intended to facilitate seamless transactions within PayPal’s expansive online payment platform.

The stablecoin, PayPal USD (PYUSD), is backed by a combination of US dollar deposits, short-term Treasury bills, and other cash equivalents, presenting a robust foundation for its value. This hopes to ensure a 1:1 parity with the US dollar, lending a reassuring sense of reliability to the digital asset.

However, many observers noticed that PayPal seems to have run out of ethereum for gas fees charged during transactions.

You can read more on the matter here.

What’s going on?

• Lithium Americas: Court of Appeals Brushes Aside Environmentalists On Thacker Pass (theDeepDive)

• Tilray To Acquire 8 Anheuser-Busch Beverage Brands For $85 Million (theDeepDive)

• Striking LA Hotel Workers Want Help With Affordable Housing Shortage (theDeepDive)

• Factbox: US corporate bankruptcies at highest level since 2010 (Reuters)

• New SEDAR Is Somehow Worse Than Old SEDAR (theDeepDive)

• Toronto To Move Forward with $8.6 Million Name Change for Dundas Street (theDeepDive)

• US Will Have to Write Off Billions in Student Debt Due to Deaths (Bloomberg)

• Chrystia Freeland Says Canada Abolished Slavery…Before Canada Became A Country (theDeepDive)

• Long-Lasting Bond: 375-Year-Old Bond Still Pays Interest to Yale University (theDeepDive)

• Alberta to Halt Major Renewable Projects Over Rural and Environmental Concerns (theDeepDive)

What’s the latest?

• China Trade Data: China's trade in July 2023 saw a substantial decline, with exports falling by 14.5% year-on-year, the steepest drop since February 2020, and imports decreasing by 12.4%, the sharpest decline since January. This decline in trade is attributed to weakening demand both domestically and internationally, raising concerns about China's economic outlook.

• Moody's Credit Rating Cuts on U.S. Banks: Moody's downgraded credit ratings on several small and mid-sized U.S. banks and placed major lenders under review, expressing concerns about the U.S. banking sector's vulnerabilities in the face of potential market losses and consumer confidence decline.

• Crude Oil Price Impact: A significant 21% increase in crude oil prices over the past six weeks is impacting various sectors in the U.S., including transportation costs for workers and goods, potentially leading to inflation and affecting multiple industries beyond just transportation.

• Geopolitics: China asked the Philippines to remove a grounded warship from a disputed shoal in the South China Sea. The shoal, within Philippines' exclusive economic zone, hosts troops on a grounded warship. China's use of force could trigger a US-Philippines defense treaty.

The sale of Highway 407

The stock market and stuff

• Coinbase: Fed XRP Decision Is Bearish For Crypto (theDeepDive)

• Tesla names insider Taneja CFO as Kirkhorn steps down (Reuters)

• Rapper Razzlekhan, Husband Plead Guilty To $3.5 Billion Crypto Hack Tied To Bitfinex (theDeepDive)

In the juniors

• Lithium Chile Reports After-Tax NPV(8%) For Arizaro Of US$1.1 Billion (theDeepDive)

• Yellow Bankrupt Road: How The 99-Year-Old Trucking Company Ended Up Filing For Bankruptcy (theDeepDive)

• Cronos Group To Close Winnipeg Fermentation Facility, Cuts Guidance (theDeepDive)

FULL DISCLOSURE: Lithium Chile is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Lithium Chile. The author has been compensated to cover Lithium Chile on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.