US crypto exchange Coinbase is launching a new Ethereum layer-2 network called Base, possibly the first of its kind created by a public company. This could be the beginning of a new era.

PayPal has unveiled its stablecoin, PayPal USD (PYUSD), which will be backed by US dollar deposits, short-term treasuries and cash equivalents.

Chinese crypto exchange Huobi saw its stablecoin reserves decline by $49 million in a week, or 33%, following reports that several company executives were detained by Chinese police.