Competition and innovation are constants that drive the progress of the cryptocurrency market. As part of this competition, PayPal has launched a new stablecoin, which experts opine could steal market share from Tether (USDT). In the innovation part of crypto, Tradecurve Markets (TCRV) has launched a new trading platform to enter a trillion-dollar market.
PayPal USD To Steal Market Share From Tether (USDT)?
On August 8th, PayPal, one of the world’s biggest payment processors, announced the launch of a new USD-backed stablecoin, PayPal USD (PYUSD). According to the announcement, Paxos Trust Co. will issue the PYUSD stablecoin and it will be fully backed by USD deposits, cash equivalents, and short-term Treasuries.
Reacting to the launch, Paolo Ardoino, the CTO of Tether (USDT), welcomed PayPal USD into the stablecoin space. Tether remains the biggest stablecoin with a market cap of $83.5 billion of the sector’s $125 billion.
Although Tether remains the biggest name in the stablecoin space, experts have argued that it could lose market share to PayPal. This is because PayPal is an already established company with more than 431 million users globally.
Antonio Juliano, who serves as the CEO of dYdX CEO, has explained that the competition PayPal USD brings would be a good thing for the stablecoin market. He explained that the introduction of more stablecoins would challenge Tether (USDT) and help breed better products in the market.
Tradecurve Markets To Enter the Trillion Dollar Market
While competition is heating up in the stablecoin space for Tether, Tradecurve Markets (TCRV) is opening up the DeFi space to an entirely new market. There has been a lot of interest in Tradecurve Markets as it taps into one the biggest trillion-dollar markets in the world – the derivatives market.
In 2022, the Bank for International Settlements valued the OTC derivatives market at an astonishing $632 trillion. Tradecurve Markets is building a decentralized trading platform that will support the trading of stocks, options, forex, commodities, and ETFs. This is in addition to crypto, which can also be used as leverage to trade these assets.
What is more impressive is that the wide range of assets supported on Tradecurve Markets will be available on a single account. Traders would no longer need to have and manage multiple accounts to access different parts of the over-the-counter derivatives market.
As a decentralized platform, Tradecurve Markets will also support anonymous trading, further increasing its reach across the globe. Crypto experts have explained that the possibility that Tradecurve Markets opens is immense and it could easily become one of the biggest names in crypto.
Dive into a world of diversified assets – from US & European equity CFDs, Forex, Indices, Commodities, to Options, ETFs, Bonds, and of course, Cryptocurrencies.🪙
— Tradecurve (@Tradecurveapp) August 2, 2023
Living up to expectations, the Tradecurve Markets presale has been fast selling out and onboarding around 18,000 new traders. At this time, the utility token of the platform, TCRV, trades at $0.025 per token. Given its potential, crypto analysts have forecasted that TCRV could trade as high as $1 before the end of the year.
For more information about the Tradecurve Markets (TCRV) presale:
Buy presale: https://app.tradecurvemarkets.com/sign-up
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.