Profit-taking continued to weigh down crypto markets Thursday as Dogecoin

and Cardano’s ADAled declines among major tokens, with bitcoinlittle-changed over the past 24 hours.

XRP

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, Solana’s SOLand BNB Chain’s BNBshed 1.5%, while Tron’s TRXwas the only major token in the green with a 1.9% bump.

“Recent macro and policy conditions have created uncertainty in risk-on assets, which is reflected in the current Bitcoin price,” said Anna Liu, CEO of HashKey Tokenization, said in a Telegram message to CoinDesk.

“While we believe there will likely be volatilities in Bitcoin and cryptocurrencies, we remain positive on BTC as a strategic asset for investors in the longer term,” she added, noting that recent inflows into BTC and ETH ETFs show institutions are still exploring crypto allocations despite short-term headwinds.

Market sentiment remains in the greed zone, with the crypto fear and greed index at 62, though it has lost a few points in the last day.

Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin’s rebound from near $103,000 on May 31 signals the beginning of a potential upward movement. “Potentially, this momentum could take the market to new highs above $130K,” he said.

However, Ether

continues to battle resistance at its 200-day moving average. A break above $2,700 could serve as an important indicator of renewed optimism, Kuptsikevich added.

Elsewhere, CryptoQuant suggested bitcoin could correct to $96,700, aligning with the average purchase price of short-term investors.

BTC, ETH, ADA Price News: Crypto Profit-Taking Continues as Dogecoin, Cardano Slide

The world’s largest crypto exchange platform by trading volume is abruptly adding support for one decentralized finance (DeFi) application (DApp), causing its native token to skyrocket.

In a new announcement, Binance says it is adding support for DeFi App (HOME), a DApp that aims to simplify decentralized trading as well as make it more accessible.

After the addition, HOME skyrocketed, going from a low of $0.0201 on June 10th to a peak of $0.038 just two days later. The token has since retraced and is trading for $0.033 at time of writing, a gain of 10.3% during the last 24 hours.

HOME was also added to Binance’s HODLer airdrops, a program launched in June 2024 that rewards investors holding Binance’s native asset BNB with crypto assets based on previous snapshots of their balances.

On its official webpage, the developers behind DeFi App state that the project aims to address several challenges faced by crypto users, including the risk of errors, fragmented digital asset ecosystems, issues with centralized exchange platforms, and steep learning curves.

“If you’re new to crypto and DeFi, Defi App simplifies getting started. You won’t need to understand bridging, gas fees, or complex wallet setups – just follow a few simple steps to set up your crypto wallet, fund your account, and start swapping.

For degens already familiar with DeFi, Defi App offers advanced tools to manage multiple wallets across chains, leverage seamless swaps across EVM (Ethereum Virtual Machine) and Solana, and utilize on/off-ramp integration – all from one platform.”

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HOME Lifts Off After World’s Largest Crypto Exchange by Trading Volume Adds Support for Defi App

Cryptocurrencies were broadly lower on Thursday, with the selloff picking up steam in the early U.S. evening hours.

Bitcoin

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slipped more than 2.5% over the past 24 hours to $105,900, but the declines were far steeper in altcoins, with ether, solana, XRPand dogecoinamong those tokens sporting 5%-7% drops.

Risk assets in general got off to a poor start Thursday as President Trump threatened renewed tariff measures as the early July deadline for trade deals begins to get near.

In addition, with nuclear negotiations with Iran not going well, there were boosted fears of Israeli strikes against Iranian nuclear sites.

“Look, there’s a chance of massive conflict,” Trump told reporters at the White House on Thursday. “We have a lot of American people in this area, and I said, we’ve got to tell them to get out, because something could happen soon, and I don’t want to be the one that didn’t give any warning and missiles are flying.”

“I don’t want to say imminent, but it looks like it’s something that could very well happen,” Trump said about Israel potentially striking Iran. He stated that he had advised against an attack while negotiations were ongoing.

While U.S. stocks were able to shake off the headlines and close with modest gains, cryptos weren't so lucky.

Green shoots?

The rally in risk assets — crypto included — over the past several weeks has taken place amid a U.S. Federal Reserve seemingly determined not to ease monetary policy for the foreseeable future.

And yet, there continue to be signs that weak economic data may soon force the Fed's hand — a far slowed pace of employment gains and weaker inflation numbers among them. Two more data points arrived Thursday in May's Producer Price Index, which came in softer than forecast on both the headline and core levels, and initial jobless claims, which unexpectedly matched last week's multi-month high of 248,000.

Continuing jobless claims rose to 1.956 million, the third consecutive gain and the highest level since November 2021.

President Trump continued his crusade to goad Fed Chair Jerome Powell into a more dovish posture, calling him a "numbskull" for not cutting rates. "I may have to force something," threatened Trump. Powell's term as Fed boss doesn't end until 2026 and the president had previously said firing him prior to that was not an option.

Bitcoin Price (BTC) News: Late Thursday Selloff

Analyst and trader Michaël van de Poppe is offering his outlook on Bitcoin (BTC) and two other crypto assets amid a market recovery.

Van de Poppe tells his 791,900 followers on the social media platform X that Bitcoin is in the first phase of consolidation after breaking out from the $106,500 price level.

According to the widely followed analyst, the first consolidation phase is likely to last a couple of days.

“Then, we’re going to have the next breakout above the all-time high.

Ideal zone to buy? I would estimate around $107,000 – $108,000.

Buy the dip season.”

Bitcoin is trading at $109,325 at time of writing.

Next up is Ethereum (ETH). According to Van de Poppe, Ethereum is building up for a “big breakout” after a consolidation phase that has lasted for over a month. The widely followed analyst says Ethereum could rise by up to around 26% from the current level.

“I assume we’ll start to see a leg to $3,400 – $3,500 if it breaks the resistance at $2,800.

The area to hold: around $2,575.”

Ethereum is trading at $2,770 at time of writing.

Next up is the decentralized artificial intelligence (AI) platform Bittensor (TAO). According to Van de Poppe, TAO could go up by around 92% from the current price level as “confidence comes back in” to the market.

“I assume we will break above $475 and we’re getting to $700 – $800 in the next run.”

Bittensor is trading at around $416 at time of writing.

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Crypto Trader Michaël van de Poppe Says Bitcoin on Cusp of Breakout, Updates Outlook on Ethereum and Bittensor

A widely followed crypto analyst says that Bitcoin (BTC) is displaying early warning signs of an upcoming pullback.

In a new thread, crypto trader Justin Bennett tells his 115,800 followers on the social media platform X that BTC whales exiting long positions in favor of building short positions against retail could cause the crypto asset by market cap to slide down to $106,300.

“BTC isn’t the most exciting market at the moment, but that $106,000 imbalance looks appealing if this holds. Technically still range-bound for now. It’s very early and therefore speculative, but whales were exiting long positions and building shorts against retail on Wednesday. This could change, but it could also be an early warning sign of a pullback into $106,300.”

The trader’s chart indicates that if BTC were to slide, it would happen sometime during the next 48 hours.

Bennett goes on to note that crypto traders should keep an eye on the health of stocks, particularly the S&P 500, as a dip below a specific level could cause it to crash back down to its lows in April and May.

“The SPX is holding support now, but if this fails, especially at 5,960, those April and May gaps will be fair game. Not interested in it yet. Just watching.”

The flagship digital asset is trading for $107,698 at time of writing, a 2% decrease during the last 24 hours.

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This Factor Could Be Sending an ‘Early Warning Sign’ for Bitcoin, According to Trader Justin Bennett

MANHATTAN — U.S. President Donald Trump again touted his crypto bona fides at a conference Thursday, telling an audience it was an "honor" to be considered a crypto president.

Speaking in a 90-second recorded video at Coinbase's (COIN) State of Crypto Summit (no relation to the CoinDesk newsletter with the same name), Trump reiterated comments he's made at other events about ending his predecessor's so-called war on crypto and forming a working group to examine digital assets.

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Trump also referenced legislation working its way through Congress.

"My administration is working with governors to pass the GENIUS Act supporting the creation of dollar-backed stablecoins, and we also will be working to create clear and simple market frameworks that will allow America to dominate the future of crypto and bitcoin," he told a filled room to scattered applause.

The Senate's GENIUS Act will go through a procedural vote on Thursday, following a successful effort on Wednesday. Meanwhile, two key House committees advanced a market structure bill on Tuesday.

Trump also noted his executive order on establishing a national bitcoin

reserve, saying, "we created the US Strategic Bitcoin Reserve and the United States Digital Asset stockpile," though neither has actually been created yet.

Coinbase donated a million dollars to Trump's inaugural fund, and was a major backer of the Fairshake super PAC in the 2024 election. It's already committed tens of millions of dollars to Fairshake for the 2026 election.

Following his remarks, Coinbase CEO Brian Armstrong and Circle (CRCL) CEO Jeremy Allaire reflected on crypto and their respective company's evolutions, arguing that crypto could become a bigger part of the global financial system.

Allaire, whose company went public on the New York Stock Exchange last week, said it was difficult for Circle to meet with backers or other entities a decade ago.

"It was amazing to me that, like, I'd literally walk in a room with an insurance company, [and] they were literally, like, we were not sure we're allowed to have this meeting," Allaire said.

U.S. Administration Will Work Toward 'Clear and Simple' Crypto Frameworks, Trump Says

GameStop (GME) stocks are falling following the announcement of a proposal to potentially purchase more Bitcoin (BTC).

Yesterday, GameStop announced a proposed private offering of $1.75 billion worth of senior convertible notes.

“GameStop Corp. (NYSE: GME) (‘GameStop’) today announced that it intends to offer, subject to market conditions and other factors, $1.75 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032 (the ‘notes’) in a private offering (the ‘offering’) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the ‘Securities Act’).

GameStop also intends to grant the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $250 million aggregate principal amount of notes.”

In the announcement, GameStop says it plans to use the funds for general purposes, including potential investments “in a manner consistent with GameStop’s Investment Policy and potential acquisitions.”

According to a CNBC report, that could potentially mean purchasing more BTC.

Buying more Bitcoin is in line with recent GameStop investments. Late last month, the meme stock became a BTC Treasury by purchasing 4,710 BTC, worth $505 million at time of writing.

However, since yesterday’s announced proposal, GME has crashed 21% and is currently trading for $22.49.

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GME Tumbles After GameStop Announces Proposed $1,750,000,000 Convertible Bond Offering To Possibly Buy More BTC: Report

The crypto exchange backed by tech billionaire Peter Thiel has reportedly filed for a US initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).

Citing two people familiar with the matter, the Financial Times reports that in recent weeks, Bullish has confidentially filed the paperwork to start offering its shares to the public.

Confidential filings enable companies to pursue their listing plans sans immediately revealing their financials to minimize public scrutiny. Bullish also attempted to go public in 2021 through a special purpose acquisition vehicle, but the deal fell through the following year as the rising interest rates impacted stock markets.

The company is again eyeing to become a publicly-traded firm amid strong investor demand for crypto assets, which came as the US adopts industry-friendly policies under the Trump administration. Thiel donated to the president’s first election campaign in 2015 and 2016.

The report says the global investment banking firm Jefferies will work as the lead underwriter on the deal.

The stablecoin issuer Circle has also debuted on the stock market, raising $1.1 billion in its IPO last week. The company’s stock surged by 168.48% from the IPO price of $31.00 per share on its first day of trading on the New York Stock Exchange (NYSE).

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Crypto Exchange Backed by Peter Thiel Confidentially Files for IPO With SEC: Report

Passport Prime, Foundation Devices’ latest retail hardware wallet, is about to hit the market in Q3 of 2025. The device features a full-color touch screen the size of a credit card with a modern industrial aesthetic. It aims to be a developer platform for Bitcoin and crypto software with high security demands.

Besides serving the basic wallet needs of Bitcoin users, the device is designed as an open source platform for app developers to bring a new experience of crypto-native cybersecurity to the public. The Passport Prime is expected to ship with a powerful Bitcoin wallet app, as well as virtual YubiKeys, a 2FA app, a seed vault for imported or low-value crypto wallets, 50 GB of storage, NFC, and encrypted Bluetooth support, among other features.

Frustrated with the public’s lackluster adoption of hardware wallets as the crypto industry enters the mainstream adoption phase, Foundation has been working since 2020 to bring security hardware devices to feature parity with mainstream consumer technology. However, the path is not simple.

The Adoption Problem of Hardware Wallets

Hardware wallets have been a critical security product for Bitcoin users since 2014 when Satoshi Labs created the Trezor. Before that, users had few options, and many of the funds lost in that era were due to user ignorance of how to manage and properly secure private keys in Bitcoin. Armory, funded by Trace Mayer in the early days, was one of the first solutions but it was highly technical and was best used with hardware the user had to modify themselves — like removing antennas from a laptop. This kind of technology became a security foundation for exchanges, who, through many hacks and hard lessons, slowly got better at securing user funds from organized crime and hackers while playing jurisdictional arbitrage to avoid hostile governments.

As the first hardware wallets started to enter the retail market, significant adoption was seen. With the massive growth of Bitcoin since its inception, the best security practices have failed to keep up with the ease of use provided by custodians while also failing to deliver security and feature parity to users in an interface they are familiar with.

In a keynote presentation on the Passport Prime landing page, Zach Herbert, CEO and co-founder of Foundation, explains their analysis of the market and why they believe only 2.5% of the market is using hardware wallets today, despite mainstream adoption of digital assets like Bitcoin — a concern felt across the industry that too many people are getting accustomed to custodial services.

The small screens, iconic to the hardware wallet ecosystem, are often a barrier for users. The shape of the device, often small and with few buttons, can make people nervous, especially when the wrong combination of clicks means an irreversible financial transaction.

In the case of touchscreen devices like the Trezor T, while certainly an improvement from the Trezor One, the buttons are still far smaller than what the public is used to for smartphones, the most prolific computer platform of this era.

The problem with trying to bring hardware wallets to feature parity with mobile phones is the massive complexity introduced by the corresponding software and hardware. Mobile phones, after all, are designed for mass manufacturing and with ease-of-use priorities in mind, rather than securing life-changing amounts of digital currency, which, once sent, cannot be reversed.

The hardware wallet industry has had to build out open source, verifiable, security-optimized hardware and software that addresses top security concerns, while also delivering a familiar and comfortable user experience to the public. In general, the industry recognizes the need for bigger screens and bigger buttons, as seen in new models by Ledger, for example, with their Ledger Stax, and, of course, Coldcard Q’s Blackberry-style hardware wallet.

When asked why not just try to build on top of a standard mobile phone platform, Owen Kemeys, hardware designer at Foundation Devices, told Bitcoin Magazine that “there’s a huge advantage to Passport Prime being a separate security device,” adding that “we need this stuff to work for the normal people. They are not going to be able to understand or have any interest in understanding what makes something safe or unsafe on their phone. Even if they were going so far as to have a dedicated phone for secret stuff or whatever. Everything that we develop, Apple and Google could bake into their phones and tell you it’s safe. But if it’s in a separate device that is built to do that one exact thing, then you know, OK, if it happens on the Passport Prime, it’s safe.”

The Passport Prime Feature Set

Foundation believes they have found an optimal and preferable middle ground between high security and a familiar user experience in a mobile phone-style device, but with very specific hardware and software inside. Kemeys explained that “the Passport Prime runs its own operating system,” adding that “We’re not running a fork of Android or something and then dressing it up differently. We wrote this from the ground up in Rust. It’s called KeyOS. It’s designed for this one purpose of running a smartphone-like experience, but with sandboxed apps.”

The wallet-related cryptography that’s normal to today’s Bitcoin and crypto wallets is also deeply integrated with the operating system. A master seed phrase is set up by the user; the seed’s corresponding master private and public keys are then used to derive secure, isolated keys for other apps on the Passport Prime. “All apps are sandboxed and receive hardened child seeds, meaning that even if an app is malicious, it has no access to the master seed and cannot communicate with other apps,” Herbert explained in his presentation.

This design builds the foundations necessary for secure app development on top of the Passport Prime, unique among hardware wallet manufacturers. While Ledger has made some progress in that direction, Herbert says that the Ledger operating system is very restrictive with such apps — primarily out of security concerns — making it difficult for developers to contribute to the ecosystem. Foundation believes they have solved the problem, unlocking a new kind of security device that can be used for more than cold storage of Bitcoin and crypto assets. It is a security platform for everyday use in the digital era.

As is generally expected of high-security devices like a hardware wallet, the Passport Prime comes without most of the normal sensors or antennas found in mobile devices. No Wi-Fi, no GPS, and no SIM card, of course. However, NFC, an increasingly popular communications module in hardware wallets and in payments technology in general, is included. NFC has a very short signal range and depends on power from the device sending the signal, making it a fairly secure protocol and bringing Bitcoin closer to the tap-to-pay credit card experience the general public is used to.

“We now have an NFC reader inside,” Kemeys explained, excited about the innovation space unlocked by NFC chips in Bitcoin. “As part of your onboarding setup, in the box, we’re going to ship three NFC cards with the Prime. And as our default onboarding workflow, we’re going to encourage people to make a two-of-three Shamir setup, and back up the shares onto some of those cards.”

Shamir secret sharing is an old and well-known cryptographic algorithm similar to multisignature schemes in Bitcoin but entirely off-chain. It allows users to grab a master private key and split it into shares that can come together later to recreate and recover the secret. What’s special about Shamir is that any individual shard that is lost or stolen is not sufficient to compromise the private key: If you have enough shares, you can securely recreate the private keys and derive the corresponding addresses. A default standard is a threshold of two out of three shares having to come together for successful recovery. The downside of Shamir is that enough key material usually has to come together in a secure computer environment to regenerate the master private key, but that is arguably a workable trade-off in the context of hardware wallets.

In fact, Trezor integrated Shamir into their setup flow as an optional tool already in 2017; it is fully open source cryptography. Foundation’s implementation of Shamir was developed in collaboration with the Blockchain Commons, and the source code will be published alongside the official release of the Passport Prime.

The only mainstream antenna expected to be integrated into Passport Prime is Bluetooth, a decision critics are likely to focus on. The Bluetooth hardware and software are very complex and have suffered many hacks throughout the years while also having a fairly long range. However, it offers one of the most well-known device-to-device connection platforms in the market. The public knows Bluetooth; they use it every day, they know how to pair devices and unpair them, and they understand that you have to push a button here and push a button there to get them synced. So, from a user experience perspective, Foundation believes Bluetooth is worth it.

To mitigate the risks, however, they’ve taken various steps to isolate the Bluetooth chip and lock it down with a very strict protocol they call QuantumLink. “We developed a new quantum-secure encryption standard. It links your Passport Prime to one specific app on your phone, Envoy. And only that app can decrypt communications; Prime will only listen to encrypted comms sent from the app. So anything else that it receives, it just ignores. The protocol will be documented so other apps can establish their own separate connections if the user chooses to allow them” Kemeys explained about the protocol, also developed in collaboration with Blockchain Commons and expected to be open-sourced upon official launch later this year.

“Nothing else on your phone can get into any of the comms from Prime. And anyone that’s snooping on your wireless link is just getting gibberish. We don’t expect the Bluetooth chip to do this. We don’t trust the Bluetooth chip. The data is encrypted even before it makes its way physically onto the Bluetooth chip. So that’s just broadcasting meaningless gibberish as far as it’s concerned as well,” Owen says, explaining the adversarial approach taken to lock down the Bluetooth chip.

For Foundation, the Bluetooth integration solves a very common and tricky user experience problem, which wallet developers have experienced with QR code scanning. “We’re still going to have a camera, so you can do everything QR-based if you want to. They work well, but there are natural limitations: you’re dependent on the lighting, focus, camera quality, screen quality, glass reflections; all with both devices. It takes a few seconds, and longer if there’s a lot of data to exchange.” Owen explained all the issues with QR codes that seasoned Bitcoin users are probably entirely used to by now, but which the public does not expect to deal with when making payments, adding that “The QR code flow works, but it could be better. And especially for newbies and more naive users, they can get frustrated with it. So the Bluetooth is excellent for them. That’s the immediate obvious benefit, that we can make everything completely seamless. You just move across to your Prime to authorize the transaction, and then it just happens.”

The issues with QR code scanning were best demonstrated by the viral clip of President Trump struggling to make a Bitcoin Lightning payment at PubKey in late 2024. Contrary to popular tweets at the time, it was not an issue with the Lightning Network, but in fact a camera issue; scanning that QR code with so many lights pointed at them was no easy feat!

An essential set of apps are expected to be shipped with the Passport Prime, among them a two-factor authentication app to replace Google Authenticator, as well as a virtual YubiKey app, which could replace security devices like YubiKeys with a better user experience and comparable security.

Foundation will also offer an encrypted cloud backup service to users to store encrypted metadata and facilitate account transfers from one device to another. According to Foundation, the information is stored anonymously and encrypted on the device with user-generated keys. The Prime even comes with 50 GB of memory storage, so that you can store all the JPEGs your heart desires, a feature that is likely to appeal not just to the broader crypto ecosystem but even alternative social media protocols like Nostr.

The Passport Prime is on sale now for $299 on their website, and Cake Wallet, the popular privacy app, is expected to be the first third-party KeyOS app deployed into Passport Prime.

Passport Prime: A New Security Device For a New Generation

A widely followed crypto analyst says that Bitcoin (BTC) is on the verge of a massive breakout to fresh all-time highs.

In a new thread, pseudonymous crypto trader Kaleo tells his 704,300 followers on the social media platform X that Bitcoin will likely enter an uptrend and hit $116,000 by early next week after a pullback from the $110,000 level.

“Bitcoin: new all-time highs [Thursday].”

The analyst also says that Bitcoin may no longer adhere to its four-year cycle, an idea that the flagship crypto asset has a predictable pattern connected to its halving events, when BTC miners’ rewards are cut in half, which happen roughly every four years and tend to precede upward price movements.

“I believe this is where we finally break out of the traditional four-year cycle revolving around the Bitcoin halving. Higher for longer. Supercycle.”

Bitcoin is trading for $107,354 at time of writing, down 2.2% in the last 24 hours.

Next up, the analyst says that Ethereum (ETH) may repeat a similar 2020 pattern and soon enter an explosive uptrend.

“A lot of similarities on the chart to where we are now versus where we were in 2020. Spring of 2020 there was a major selloff from the COVID crash that sent ETH beneath HTF (high timeframe) support. Once that line was reclaimed, ETH was up only for the next 20 months. The recent selloff that led to the break beneath HTF support was caused by the Trump Tariff scare in the market. ETH is currently on the verge of reclaiming that line. Will history repeat itself with this leading to another great ETH bull run and accompanying alt season?”

ETH is trading for $2,754 at time of writing, down 3.6% on the day.

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Crypto Analyst Says New Bitcoin All-Time Highs Incoming, Updates Outlook on Ethereum

One billion-dollar US bank reportedly refused to resolve a Zelle transfer for more than half a year, until the bank faced questions from the media.

Karen Weber, of Raleigh, North Carolina, says a $300 transfer via Zelle never made it into her friend’s account, but the money was taken from her First National Bank account, reports 5 On Your Side WRAL.

Weber’s banking troubles began when she went to reimburse her friend for her share of the costs of a scenic trip they took to Canada. She used the money transfer service Zelle to send her friend $1,300.

Says Weber,

“The problem was that day I could only send $1,000.”

She says her bank told her the remaining $300 would go through the next day. However, she says that while the $1,000 did go through, the $300 never showed up in her friend’s account.

Weber says she reached out to First National and filed a dispute, but the bank continued to insist the funds had been sent, even though her friend’s account at Truist Bank continued to show the $300 was never received.

After six months of contacting her bank to no avail, Weber reached out to 5 On Your Side for help and that’s when she finally got a resolution. With the two banks working together, the $300 finally appeared in her friend’s account.

“It took about a month once I had [WRAL] on board.”

Both banks declined to comment on the matter.

Meanwhile, Zelle says,

“We don’t hold onto a user’s money or manage their accounts. Zelle is a messaging service facilitating transfers between two federally regulated institutions.”

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Billion-Dollar Bank Refuses To Resolve Failed Zelle Transfer for Over Six Months – Until the Media Starts Digging Deeper: Report

Key Takeaways:

Major Expansion: PayPal is officially launching its stablecoin, PayPal USD (PYUSD), on the Stellar network, marking the first time PYUSD is available on a blockchain outside of the Ethereum ecosystem.

Focus on Payments: The partnership is strategically designed to leverage Stellar’s low-cost, high-speed network specifically for cross-border payments and remittances.

Real-World Utility: This move aims to connect PayPal’s vast user base and services like Xoom with the efficiency of the Stellar network, making international money transfers cheaper and faster.

Ecosystem Validation: The integration is a massive vote of confidence in the Stellar network, positioning it as a key player for tokenized real-world assets and payments backed by one of the world’s largest fintech companies.

A Fintech Giant Taps a Payments-Focused Blockchain

PayPal has announced the expansion of its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), to the Stellar blockchain. This is a pivotal moment, as it marks the first time PYUSD has been deployed on a network beyond its native Ethereum ecosystem. The partnership strategically aligns PayPal, a global leader in digital payments, with the Stellar network, a blockchain purpose-built for fast, low-cost, and efficient cross-border transactions. This collaboration is set to unlock new real-world use cases for PYUSD and significantly bolster the Stellar ecosystem.



Why Stellar? A Network Built for Global Payments

PayPal’s choice to expand to Stellar is a deliberate and strategic one. While PYUSD was initially launched on Ethereum, a hub for DeFi activity, the network’s often high transaction fees and slower settlement times can be prohibitive for everyday payments and remittances. The Stellar network, in contrast, was designed from the ground up to solve these exact problems. It boasts near-instant transaction settlements (around 5 seconds) and incredibly low costs, with fees typically amounting to less than a fraction of a cent.

This efficiency makes Stellar an ideal “rail” for the types of transactions PayPal aims to facilitate. The network is already a trusted platform for tokenizing real-world assets and is used by various financial institutions and fintech companies for cross-border payments. By bringing PYUSD to Stellar, PayPal can leverage this established infrastructure to offer its users a more cost-effective and faster payment experience.

Powering Real-World Use Cases: Remittances and Digital Payments

The primary focus of this partnership is to enhance real-world utility. PayPal intends to integrate PYUSD on Stellar into its broader suite of services, with a particular emphasis on cross-border payments through its Xoom platform. For millions of people who send money internationally, this could be a game-changer. Traditional remittance channels are often slow and expensive, laden with intermediary fees. By using PYUSD on Stellar, users can send funds that arrive almost instantly at a dramatically lower cost.

Beyond remittances, the collaboration aims to facilitate everyday digital payments and micropayments. The low-fee environment of Stellar makes it economically viable to send small amounts of money, opening up new possibilities for content creators, online services, and developers building on the network. PYUSD on Stellar will provide a stable, reliable digital dollar that can power these transactions seamlessly.

A Landmark Validation for Stellar, A Utility Boost for PYUSD

The mutual benefits of this partnership are immense. For the Stellar Development Foundation, this integration is a monumental validation of its long-term vision. Having PayPal, one of the most recognized fintech brands in the world, choose its network for a flagship product like PYUSD brings an unparalleled level of credibility and is likely to attract a new wave of developers, businesses, and institutional partners to the ecosystem. It solidifies Stellar’s position as a leading blockchain for payments.

For PayPal, this move is crucial for PYUSD’s growth and adoption. It diversifies the stablecoin’s utility beyond the speculative and DeFi-heavy environment of Ethereum and positions it as a powerful tool for practical, everyday commerce. By focusing on the payments vertical, PayPal is creating a distinct identity for PYUSD in a competitive stablecoin market, leveraging its trusted brand to drive adoption in real-world applications. This expansion transforms PYUSD from just another stablecoin into a core component of a global payment network.

More News: SEC Closes Investigation Into PayPal’s PYUSD as Stablecoin Gains Momentum in Crypto Market

PayPal Expands PYUSD Stablecoin to Stellar Blockchain, Targeting Global Payments and Remittances

Key Takeaways:

Ross Ulbricht founded Silk Road, the largest darknet market, conducting millions of dollars in Bitcoin transactions.

Ulbricht was arrested in 2013 and later sentenced to two life terms without parole on conspiracy, drug trafficking and other charges.

His case is still a flashpoint, in the ongoing debate over justice, freedom and the future of crypto privacy.

One name quietly dominated the underground internet economy in the early 2010s: Ross Ulbricht. Operating under the alias “Dread Pirate Roberts,” Ulbricht had been the mastermind behind Silk Road, a dark web bazaar that upended the way that illegal drugs and other contraband were marketed on the Internet. And by the time authorities caught up with him, the site had processed more than a million transactions in the cryptocurrency Bitcoin.

Read More: “Mysterious” $31 Million Bitcoin Donation to Silk Road Founder Ross Ulbricht Suspected to Originate from AlphaBay

The Birth of Silk Road

In 2011, Ulbricht, a native of Texas and a college grad with a degree in physics, created Silk Road with a bold idea: use the digital currency Bitcoin to create a hidden online marketplace that could be controlled by no one, not the government, not the courts. It was constructed on the Tor network, a technology intended to obscure both users and servers.

Silk Road prohibited weapons, child pornography and stolen goods, but otherwise anything was fair game for sale — most of it drugs. What made the platform revolutionary was not simply its size, but the fact that it worked like a regular e-commerce site: User reviews, escrow payments, dispute resolution — it already had all that.

In two short years, the website was already making over $1.2 billion in revenue and Ulbricht is said to have pocketed around $28.5 million in commission. The F.B.I. would later describe it as “the most sophisticated criminal marketplace on the internet.”

The Fall: Arrest in a Public Library

Ulbricht was arrested by federal agents in a San Francisco library in October 2013. The takedown was carefully timed: agents snatched his open laptop mid-session to prevent him from encrypting or deleting incriminating files.

Authorities uncovered private logs, chat histories, and journals connecting Ulbricht to Dread Pirate Roberts. Prosecutors also claimed he attempted to hire hitmen to silence potential informants, although no murders were ever carried out.

In 2015, he was convicted on seven charges, including conspiracy to traffic narcotics and money laundering. The court handed him two life sentences plus 40 years—with no chance of parole.

A Symbol of Libertarian Ideals or a Criminal Mastermind?

Supporters argue that Ulbricht was a non-violent libertarian idealist who believed in individual freedom and voluntary trade. Many crypto and privacy advocates rallied behind his cause, viewing him as a scapegoat punished too harshly for building a technology that challenged government control.

Over 100 people, including family, friends, and even law professors, wrote letters to the judge requesting leniency. Still, the court cited the potential harm caused by Silk Road—particularly users who died of overdoses linked to drugs sold on the platform.

Crypto’s Role in the Case

Ulbricht’s use of Bitcoin was groundbreaking. Silk Road proved, for the first time, that cryptocurrency could fuel a large-scale, anonymous economy. It was one of the earliest real-world use cases for Bitcoin, though one that earned it a reputation linked to crime.

Law enforcement later seized over 144,000 BTC (worth around $28 million then—over $9 billion at today’s prices) from Ulbricht’s laptop. The U.S. government auctioned the assets, sparking even greater public awareness of crypto.

The Legacy Lives On

Ross Ulbricht remains imprisoned in Tucson, Arizona. His appeals have been denied, but a strong online campaign, Free Ross, continues to push for clemency. In 2021, there were rumors of a possible pardon from President Trump, but it never materialized.

Read More: Ross Ulbricht’s $5K Comeback: Bitcoin 2025 to Host His First Public Appearance Since Pardon

Today, the Silk Road case stands as a pivotal moment in both cybercrime history and the evolution of cryptocurrency. It forced governments to take crypto seriously—both as a tool for innovation and a challenge to law enforcement.

Despite being behind bars, Ross Ulbricht’s story still resonates. To some, he’s a cautionary tale. To others, a misunderstood pioneer.

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