Kiffmeister’s #Fintech Daily Digest (08/24/2021)*

Paxos is rebranding its stablecoin from PAX to USDP

Paxos is rebranding its stablecoin from Paxos Standard (PAX) to Pax Dollar (USDP) so it is more easily identifiable as a US dollar-backed token. The updated USDP smart contract will go live on August 31, 2021. PAX has always maintained reserves that are 100% cash or cash equivalents, which for Paxos means short-term Treasury bills. 

India leads real-time payments, study shows

“A recent report by EIU (The Economist Intelligence Unit) found that India is leading the real-time payments market, followed by China and South Korea. In terms of the mobile payment market, China leads instead, followed by India. Following the success of India’s UPI, several countries are currently in the process of building instant real-time payment platforms. Brazil, for example, debuted its fast payment Platform, Pix, in late 2020. In early 2021, Saudi Arabia unveiled its new version of the instant-payments platform, Sarie, which facilitates a quick transfer of funds using various methods of identification, including mobile numbers and email addresses.”  

El Salvador rolls out 200 Bitcoin ATMs ahead of nationwide adoption

El Salvador’s government is rolling out 200 ATMs and preparing 50 bank branches across the nation to allow residents to exchange crypto for fiat easily, in preparation for adopting Bitcoin (BTC) as legal tender. Those not interested in using BTC will be able to exchange the BTC for cash at any of those locations. The U.S. dollar will continue to be in circulation. El Salvador has also created the Chivo crypto wallet that would be compatible with the new ATMs and would be interoperable with any existing crypto wallet.

Poly Network hackers return remaining stolen assets

The Poly Network crypto thieves released the last key to the remaining funds of 28,953 Ether and 1,032 Wrapped Bitcoin tokens, worth approximately $141 million, on Monday. The company is in the process of returning full asset control to users, although $33 million worth of Tether tokens frozen post-attack are still immovable. 

Deloitte’s 2021 Global Blockchain Survey

Deloitte’s 2021 Global Blockchain Survey found that 76% of executives globally think digital assets will be a “strong alternative to or replacement for” fiat in the next five to 10 years. 78% of respondents said that digital assets will be important to their industry in the coming 24 months. The survey of 1,280 senior executives and practitioners was conducted March 24 through April 10. One-third of respondents were based in the U.S., with the rest in Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the UAE and the U.K. 

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