PayPal Launches “Checkout with Crypto“

PayPal launched Checkout with Crypto that US PayPal customers with certain crypto-assets (Bitcoin, Litecoin, Ethereum or Bitcoin Cash) will be able to choose to check out with crypto seamlessly within PayPal at millions of global online businesses. Customers pay no transaction fees but a spread will be built into the conversion from crypto to USD. There are no additional integrations or fees required by the business. All transactions are settled in USD and converted to the applicable currency for the business at the standard PayPal conversion rates. 

CME Announces Launch of Micro Bitcoin Futures in May

The Chicago Mercantile Exchange (CME) will launch smaller-sized bitcoin futures contracts in May. The new contracts sized at one-tenth of one bitcoin will be cash-settled based on the CME CF Bitcoin Reference Rate.  

Assurance Opinion Confirms Tether’s Reserves Fully Backed

Tether released an attestation dated February 28, 2021 and delivered by accounting firm Moore Cayman that shows that its stablecoins are fully backed. However, the report doesn’t describe how Tether’s reserves are held.  

BNY Mellon Weighs Controversial Bitcoin Valuation Model

BNY Mellon published a paper that evaluates different methods of valuing Bitcoin, that spotlighted the controversial stock-to-flow model that—if correct—would see Bitcoin’s price hit $100,000 to $288,000 this year.  

* The views expressed herein are those of the author and should not be attributed to the International Monetary Fund, its Executive Board or its management.