PayPal.

You probably haven’t thought about it since you worked for a catering company in high school, where they used PayPal to do your payroll.

But this bygone payment app is about to be a major crypto player, potentially spurring even more funds and attention than that wave of Bitcoin ETFs.

Because when it comes to crypto, PayPal may be more than a pal. It could be crypto’s savior.

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Espresso Shots

☕️ End of the Worldcoin? 🪙 🌐

The mobile app for Worldcoin went offline on Monday, August 7, leaving users with error messages and unable to access their crypto wallets.

Worldcoin is a controversial new crypto rolled out by Sam Altman, one of the founders of Open AI.

World’s controversy is tied to its dystopian security protocol, which involves scanning users’ eyeballs. Literally.

Despite its “Blade Runner” vibe, this tech didn’t dissuade 2.2 million users from signing up for Worldcoin.

But this glitch, which the Worldcoin team addressed on X (formerly Twitter), claiming it was the result of “higher than usual traffic” may have some people thinking twice.

Because the next Worldcoin glitch will probably be with the eyeball scanner and it will almost certainly blind you.

☕️ $1.8 Million Dox Bounty 💸 🔍

Dissatisfied with the paltry return of $52 million of the $73 million in ETH stolen from the exchange, Curve has now moved past the timeframe for the peaceable, forgiving return of their funds and into the doxx bounty era.

Curve is offering to pay 10% of the stolen funds as a reward for the identity of the hacker. That would amount to roughly $1.85 million.

Once the thief has been unveiled, Curve says it will pursue legal action against the culprit.

Though the bounty is entirely digital, Curve announced it the classic way, by hanging up a piece of weathered parchment using a dagger.

☕️ X’s Legal Aid ✖⚖

Were you fired for liking a problematic Tweet ten years ago? Well, don’t worry, because Elon Musk’s X will foot your legal bill.

That’s right, Elon Musk announced that if any users on X get in trouble with work because of public activities on the social media platform, they’ll cover you, no matter how much you need.

This development is an expensive, new part of Musk’s persona as a “Free Speech Absolutist,” as he styled himself in an interview with Vanity Fair.

But let’s see how philanthropic he feels when he sees the radical and distressing Tweets that we’ve been liking.

Spilling the Beans

Is PayPal About to Save Crypto? 💰 🤑

Crypto’s instability isn’t a symptom of the system, but a feature of the design.

There’s no other space quite like it, where fortunes can be made and lost overnight. It’s definitely an oversimplification, but we can see why some U.K. lawmakers wanted to regulate crypto like gambling.

However, we like to think that crypto’s more like fine wine than poker chips. It’s valuable, different blends rise to popularity, and it’s best to pop that cork at its peak.

And like wine, crypto comes in many varieties. Maybe you don’t want the live-fast-die-young flavor of a spicy syrah, and instead prefer the stability and familiarity of an oaky chardonnay.

Enter stablecoins, the California chardonnay of crypto.

Stablecoins aren’t subject to crypto’s volatility, because they’re tied to fiat currency. The U.S. dollar may weaken over time, but it never wildly fluctuates.

Stablecoins certainly aren’t as exciting as the BTCs and ETHs of the world, but they can be a crucial stepping stone on the path to true crypto, and that’s true for individual investors and entire governments.

But a new stablecoin is poised to revolutionize crypto..

And that’s PayPal USD (PYUSD).

Now, stablecoins have been around for a while, but to have a well-established payment platform enter the crypto space is going to create absolute waves.

Think about the Bitcoin boom that we witnessed after that wave of Bitcoin ETF applications. The big difference here is that BlackRock, Fidelity, and all those massive asset managers — their movements don’t really mean much to the little guy.

Individual investors may take this as a prompt to finally start making their way into crypto, feeling comfortable buying a stablecoin under the umbrella of PayPal’s brand recognition.

Not only could this bring a new wave of buying frenzy to crypto, but we’re also willing to speculate that it won’t be long before the Venmos and Zelles of the world begin to follow suit.

Venmo already has crypto utility on the app, but it seems like only a matter of time before the payment giant launches its own, competing stablecoin.

PYUSD represents PayPal’s “shift toward digital currencies,” said the firm’s President & CEO Dan Schulman, in a press release.

Though Schulman also said to expect the PYUSD rollout will happen “gradually,” and it won’t be available in Hawaii.

Alaska and Hawaii we get. But just Hawaii? What does PayPal have against Kahlua-braised pork and the best American surfing?

Regardless, the advent of PayPal’s stablecoin is sure to ignite a renewed interest in crypto and we eagerly await the results.

That being said, your sketchiest friend is still only ever going to accept stablecoins from Cash App.

Premium Market Report

DeFi

Protocols

Public Chains

☕️ Our Take:

Overview:

Meme of the Day

PYUSD: Digital dollars for every state, just not the vacation one. 🌴 ❌

Crypto 101

Doxxing: This simply entails revealing someone’s identity on the internet.

Though some more severe doxxes include information such as the victim’s address, or even bank account or social security numbers.

It’s an overreaction to someone who hurt your feelings on social media, but probably the right response to a hacker who stole $73 million crypto from your exchange.

The Last Sip

If Elon Musk’s X is going to cover users’ legal fees for NSFW behavior, here are some other bills we think Elon Musk should pick up.

3. Manslaughter charges related to self-driving Telsa use.

2. $258 billion in the Dogecoin racketeering lawsuit.

1. His children, X Æ A-Xii and Exa Dark Sideræl Musk’s inevitable, legal name changes.

Stay Caffeinated,

Coffee & Crypto Team

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.