The crypto market is having another eventful week, however, two major developments are grabbing investor eyeballs. First, the rebranding of Paxos Standard stablecoin to Pax Dollar, and second Bitcoin ETFs likely securing SEC approval by November. Here is a detailed look at these reports.
Blockchain infrastructure firm Paxos is renaming its Paxos Standard stablecoin to Pax Dollar.
In a Tuesday announcement, Paxos highlighted that its rebranded offering would trade under the USDP ticker to make it more easily distinguishable as a US dollar-pegged stable currency.
Paxos has also requested its ecosystem partners to showcase the latest changes before the network’s updated smart contract goes live on August 31.
Bloomberg’s senior ETF analyst Eric Balchunas took to Twitter on Tuesday to offer his opinions on the recent Ether ETF withdrawals by VanEck and ProShares.
While citing ETF analyst James Seyffart, Balchunas said that the Ether withdrawals add to the “likelihood that a bitcoin futures ETF will be launched by end of October with ProShares as favorite.”
The financial expert further speculated that the US Securities and Exchange Commission might be in touch with ETF issuers and companies themselves might be sorting out some final details to launch 75 days after filing.
He added that Profound’s Bitcoin mutual fund, which launched 77 days after filing, was brought to the market similarly.