In a late-night post on Truth Social, the Republican presidential candidate suggested that Bitcoin mining might be America’s last defense against Central Bank Digital Currencies (CBDCs).
Following these remarks, Bitcoin mining stocks saw significant gains on Wednesday. TeraWulf (WULF) surged nearly 20% before stabilizing at 10% intraday gains. Hut 8 Corp (HUT) rose by 10%, Riot Platforms (RIOT) increased by 6.5%, and CleanSpark (CLSK) saw a gain of over 8.15% by market close.
Stablecoin issuer Paxos cuts 20% of workforce: report
On Wednesday, The Block reported that Paxos co-founder and CEO Charles Cascarilla notified employees about the “difficult decision” to lay off 65 team members.
Cascarilla stated: “This decision will help us better focus on the significant opportunities in tokenization and stablecoins. With over $500 million on our balance sheet, we are in a strong financial position to thrive.”
According to a source familiar with the situation, Paxos’ workforce has now been reduced to between 200 and 300 employees.
Paxos eyes stablecoin market
According to the email referenced in the report, Paxos views the layoffs as a strategic move to capitalize on the significant opportunities in the tokenization and stablecoin markets.
Last week, Paxos International, the UAE-regulated subsidiary of the US-based company, launched Lift Dollar (USDL), a regulated yield-bearing stablecoin.
“The digital asset ecosystem has created mechanisms for token holders to earn yield on stablecoins, but these options are often high-risk and opaque, leading to the failure of many firms,” Cascarilla noted. “USDL is a unique offering—a regulated product that earns and pays a safe yield daily.”
With the launch of Lift Dollar, Paxos International plans to collaborate with global crypto exchanges, wallets, and platforms to provide daily yield to user wallets. These partners will manage the distribution of USDL to both individuals and institutions.
Currently, USDL is available to users in Argentina through various platforms, including Ripio, Buenbit, Manteca, and Plus Crypto.
Earlier this year, Paxos expanded its stablecoin offerings by introducing native USDP on the Solana network in January. Additionally, in February, the firm integrated Chainlink’s PayPal USD price feed to accelerate its entry into the tokenized real-world assets (RWAs) market.
0 Comments