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Ripple Donates $100K to Victims of Brazil Floods, PayPal’s Stablecoin Goes Live on Solana, Mastercard Issues New Crypto Announcement: Crypto News Digest by U.Today

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Take a look at the most important crypto events with U.Today’s top three news stories.

Ripple donates $100K to victims of Brazil floods

In a recent post on its official X handle, Ripple announced that it committed $100,000 to help ongoing relief efforts following catastrophic floods in Brazil. The first donations were made in the XRP token to fundraisers started by Bitso, a global crypto exchange founded in Mexico, and fintech platform BRLA. Ripple also added that it will be matching its employees’ donations 2:1. The Rio Grande do Sul floods are considered to be the worst to strike Brazil in more than 80 years, leaving hundreds of thousands of people without power or clean water. The largest South American country might take years to recover. This is not the first time Ripple has been spotted doing charity; in 2008, the company partnered with Madonna to help orphans in Malawi. In 2019, Ripple teamed up with Tipping Point in order to provide support for low-income households. 

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PayPal’s stablecoin launches on Solana

As announced by PayPal yesterday, its stablecoin, PYUSD, has gone live on the Solana blockchain. According to Jose Fernandez da Ponte, senior vice president and general manager of blockchain, crypto and digital currencies at PayPal, making PYUSD available on Solana furthers the company’s mission of “enabling a digital currency with a stable value designed for commerce and payments.” The payments giant named three reasons why it chose Solana to expand its stablecoin: first, cost-effectiveness, second, high throughput and speed of settlement, and third, Solana’s ability to enable some unique features that will solidify the stablecoin’s position by improving its utility. The announcement about PYUSD becoming available on Solana occurs nine months after the initial launch of the stablecoin. PayPal’s project has already become a subject of regulatory investigation, with the SEC targeting the company with subpoena. 

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Mastercard issues new crypto announcement: Key details revealed

According to the official press release by Mastercard, it has launched its Mastercard Crypto Credential with first P2P pilot transactions. From now on, instead of using long and complex blockchain addresses, crypto exchange users will be able to utilize their Mastercard Crypto Credential aliases to send and receive digital assets. The live transaction capabilities are now available on the Bit2Me, Lirium and Mercado Bitcoin exchanges, making blockchain transactions between Latin American and European corridors easier. This achievement marks the first real-world-application of the Mastercard Crypto Credential vision, which was unveiled at Consensus 2023. Moreover, it represents the potential to further expand and support the domestic and cross-border remittance market.

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