Crypto Morning Brief: PayPal Launches Cryptocurrency Payment Service, Zhaogang Group and Yuanyuan Group Collaborate to Explore Stablecoin Applications

Author: TechFlow

Yesterday's Market Developments

Market News: SEC Delays Review of Truth Social and Grayscale CryptoETF Applications

According to market news: The U.S. Securities and Exchange Commission (SEC) has announced delays in its review decisions on two cryptocurrency ETF applications:

• Truth Social’s spot Bitcoin ETF application

• Grayscale’s spot Solana ETF application

Cboe Submits Canaray Staking-Based INJ ETF and Invesco Galaxy Solana ETF Filings

According to The Block, Cboe BZX Exchange has submitted an application for an exchange-traded fund tracking INJ, the native asset of the Injective blockchain, to the U.S. Securities and Exchange Commission (SEC). The fund is managed by Canary Capital Group LLC. On the same day, Cboe BZX also filed the registration statement for the Invesco Galaxy Solana ETF.

The SEC is currently reviewing dozens of digital asset fund proposals covering crypto assets such as DOGE, SOL, and XRP.

Arbitrum Foundation to Allocate $14 Million to Subsidize Security Audits for Ecosystem Projects

According to The Block, the Arbitrum Foundation announced it will launch a cybersecurity audit subsidy program following approval from the Arbitrum DAO proposal. The program will distribute 30 million ARB tokens (approximately $14 million) over 12 months to fund smart contract security audits for blockchain projects building on the Arbitrum network.

The program primarily targets two types of projects: early-stage projects with product-market fit and mature projects planning major upgrades. Applicants must use security audit firms from a pre-approved list, which will be published this week.

PayPal Launches Cryptocurrency Payment Service, Enabling U.S. Merchants to Accept Over 100 Digital Currencies

According to Fortune, PayPal announced a new payment service for small and medium-sized merchants in the U.S., enabling them to accept payments in more than 100 cryptocurrencies including Bitcoin and Ethereum. The service will be provided through PayPal’s online payment processing platform, with a transaction fee rate of 0.99% in the first year and 1.5% thereafter.

During settlement, users can connect their existing cryptocurrency wallets to the payment page. The system will convert the cryptocurrency into PayPal’s stablecoin PYUSD via Binance or decentralized exchanges, then convert it into USD for the merchant.

Collectibles Tokenization Platform Courtyard Raises $30 Million in Series A Round Led by Forerunner Ventures

According to Fortune, New York-based collectibles tokenization platform Courtyard has raised $30 million in a Series A funding round led by Forerunner Ventures, with participation from NEA and Y Combinator.

Founded in 2021 by former YouTube employee Nicolas le Jeune and ex-Apple software engineer Paulin Andurand, Courtyard tokenizes physical collectibles such as Pokémon and sports cards into NFTs, enabling trading, custody, and redemption, and features vending machines for unboxing and instant buyback options.

Nano Labs Increases BNB Holdings to 128,000, Strategic Reserve Exceeds $100 Million

U.S.-listed company Nano Labs (Nasdaq: NA) announced today that it has increased its BNB holdings to 128,000 tokens. At the current market price of $850 per token, the total value exceeds $108 million. The company recently acquired an additional 8,000 BNB tokens via OTC transactions at an average price of $801 per token, bringing the overall average holding cost to $713 per token.

U.S. Healthcare Company Liminatus Pharma to Raise $500 Million for BNB Investment

According to Business Insider, Nasdaq-listed biopharmaceutical company Liminatus Pharma (NASDAQ: LIMN) announced plans today to establish a subsidiary named "American BNB Strategy," aiming to raise and invest up to $500 million in stages into BNB, the native token of the Binance ecosystem. The company stated this move is based on the long-term growth potential and robustness of the BNB ecosystem, not short-term speculation.

CEA Industries and 10X Capital Conduct $500 Million Private Placement to Establish BNB Treasury

According to StreetInsider, CEA Industries and 10X Capital announced a $500 million private placement supported by YZi Labs to establish a BNB treasury. Both institutions expanded their PIPE offering size, with over 140 subscribers participating, including Pantera Capital, Arche Capital, GSR, Borderless, Arrington Capital, Blockchain.com, Hypersphere Capital, Kenetic, in addition to YZi Labs.

Zhaogang Group and Yuanbi Group Sign Strategic Cooperation MOU to Jointly Explore Stablecoin Applications

According to an official announcement, Zhaogang Group (6676.HK) and Yuanbi Group have signed a memorandum of strategic cooperation, planning to involve the "Steel Searcher" brand in building an international digital commodities trading platform and exploring the use of Hong Kong dollar-denominated stablecoins (such as HKDR) for cross-border trade settlements. RD Holdings of Yuanbi Group is one of the first three companies granted a stablecoin “sandbox” license by the Hong Kong Monetary Authority.

TRON INC Files $1 Billion Mixed Securities Offering Application with U.S. SEC

According to Reuters, TRON INC has filed a mixed shelf registration statement with the U.S. Securities and Exchange Commission (SEC) for a securities offering of up to $1 billion.

Market Data

Suggested Reading

At New Highs, Exploring the Cross-Border New Species BNB

This article discusses how BNB is transforming from an exchange token into a cross-border financial infrastructure, integrating on-chain ecosystems with real-world asset bridging, positioning itself as a new species in the crypto market. It details BNB’s technological upgrades, financialization efforts, and real-world payment implementations, highlighting its flexibility and development potential between centralized and decentralized systems.

Sonic Ecosystem Ranks First in Trading Volume and Revenue: Can Shadow’s x(3,3) Model Represent the Ultimate Evolution of DeFi Liquidity Incentives?

This article provides an in-depth look at Shadow Exchange, a core DeFi project within the Sonic ecosystem, which redefines the path of DeFi development through its innovative x(3,3) model, high-performance trading capabilities, and multi-tiered yield distribution mechanisms. It also explores Shadow’s technical architecture, liquidity framework, economic model innovations, and future roadmap.

Beneath Solana’s Boom: Real Manipulation or Real Value?

This article examines the current state of the Solana ecosystem and its underlying issues, analyzing how manipulation in the crypto market affects prices and suggesting the current cycle may be nearing its end. Using historical cases and market phenomena, it reveals the harms and unsustainability of manipulative behaviors while discussing the potential of other blockchains.

The Power Game Behind Stablecoins

This article explores the shift of cryptocurrencies from a decentralized ideal toward centralized regulation, analyzing the profound impact of the GENIUS Act on the stablecoin industry. Cryptocurrencies, once seen as rebels, are increasingly institutionalized and integrated into U.S. monetary policy, with stablecoin regulation reflecting efforts to protect banking interests and dollar dominance. The article deeply analyzes the tensions between crypto and traditional finance and possible future evolutions.

Uncovering Pump.fun and Its Mysterious Founder: A History of Rug Pulls?

This article focuses on the crypto platform Pump.fun and its founder’s background, revealing that Dylan Kerler, one of the co-founders, was previously involved in manipulating an ICO project and executing a rug pull. It details Pump.fun’s business model, the founding team’s background, their connections to earlier crypto projects, and analyzes the risks associated with ICO bubbles and meme coin investments.