PayPal’s second-quarter results showed a business that beat expectations on headline numbers while revealing a more complicated picture around its stablecoin push. The company reported $8.68 billion in revenue, total payment volume of $486.4 billion, and raised its full-year adjusted EPS outlook to about $5.38. At the same time, management elevated PYUSD’s role inside the company, folded it into a new “Payment Services & Crypto” segment, and described the token as a key enabler for PayPal World and a “commerce-first” stablecoin aimed at consumers and merchants. That strategic messaging is running into weaker on-chain momentum. PYUSD supply climbed to roughly $4.2 billion in March after expansion to 70 markets and deployment across nine blockchains, but fell about 31% by the end of the second quarter to around $2.7 billion. As of early August, circulating supply stood at about 2.7 billion PYUSD, with a market cap near $2.72 billion and a stablecoin ranking around No. 32 on CoinGecko. A second pressure point comes from Open USD, a consortium-style project announced on June 30 and expected to launch in the second half of 2026. Operated by Open Standard and backed by more than 140 partners including Visa, Mastercard, Stripe, Shopify, BlackRock, BNY, Standard Chartered, Google, IBM, Coinbase, Solana and Aave, the project uses a different economic model from PYUSD. PayPal is one of its partners, meaning the company is supporting its own branded stablecoin while also reserving a place in a broader industry network.

According to ChainCatcher, real-time cross-border fund movement platform OpenFX has announced the acquisition of Global Ledger. Tyler McIntyre, the founder of Global Ledger, will become head of banking at OpenFX. OpenFX also introduced a multi-currency account service in the same announcement. McIntyre previously co-founded Novo, a bank that now serves more than 300,000 businesses and has a valuation above $700 million. The multi-currency account lets customers pay in local currency. Companies can hold funds that have been received in the account and are not forced to convert them immediately. The initial product from OpenFX is a named USD account. This account can send and receive money through ACH, Fedwire and SWIFT in more than 100 countries. It is also compatible with stablecoins such as USDC for instant connection. The acquisition adds Global Ledger to OpenFX's business, and McIntyre takes on the banking leadership role at OpenFX. The launch of the account service gives OpenFX a new product alongside its cross-border payment platform. All information in this summary is drawn from the ChainCatcher update.

Visa has moved its stablecoin push beyond settlement pilots with the launch of Visa Stablecoin Platform, or VSP, now in limited testing. Announced on July 16, 2026, the platform is designed for commercial banks, fintechs and treasury teams, offering lifecycle management for stablecoins including minting, redemption, custody support and transfers. Visa positions the product as enterprise infrastructure rather than a simple settlement rail. The initial release supports two operating models: Wallet-as-a-Service for institutions that want Visa-provided key management technology, and Bring Your Own Wallet for firms already using external custodians such as Fireblocks, BitGo or Fystack. In beta, VSP natively supports only Open USD, or OUSD, and only on Ethereum, Solana and Tempo. The platform also ties into Visa Direct for cross-border payout conversion and is being linked with Pismo to support tokenized deposits alongside third-party stablecoins. The report argues that VSP’s launch matters not only because of its product design, but because of the economics around OUSD. The token is described as part of an Open Standard consortium backed by Visa, Mastercard, Stripe, BlackRock, Coinbase and more than 140 financial and technology companies. Its reserve income-sharing structure, according to the article, could pressure the legacy float-based model used by incumbent stablecoin issuers. The piece also highlights VSP’s relevance to agentic commerce, while noting several current constraints: restricted onboarding, limited asset and chain support, incomplete API availability and undisclosed pricing.

The Binance spot market saw sharp moves over the past 24 hours, according to market data cited by ChainCatcher. CTK led the gainers with an 11.26% rise, while ROSE climbed 7.42% and touched a new intraday high. MUBARAK was described as showing a rebound after hitting lower levels. On the downside, EUL and ZAMA both moved into a pullback pattern after earlier gains, posting 24-hour declines of 12.53% and 5.17%, respectively. DIA and ACH also fell to new intraday lows, with losses of 7.7% and 5.49%. The move points to broad volatility across multiple tokens on Binance spot rather than a one-direction market shift, with both breakouts and reversals appearing in the same trading window.

Yield Guild Games has shut down YGG Play, its web3 game publishing arm, with services ending on July 31 after an earlier wind-down notice from co-founder Gabby Dizon. The closure affects 35 jobs, and Dizon said departing employees would receive an additional eight weeks of pay. Titles and products tied directly to the unit, including LOL Land, Waifu Sweeper, the YGG Play platform, YGGPlay.fun, Launchpad, Community Questing, and the unit’s social channels, have been retired. At the same time, YGG said the move is part of a capital and strategy reset rather than a retreat from the guild itself. The company disclosed a $20.6 million treasury at the end of the first quarter, including $6.2 million in stablecoins, Treasury bills, and large-cap tokens, and said removing the unprofitable business extends its operating runway to four years. YGG is now shifting resources to the AI data economy, beginning with a business-to-business pipeline centered on gaming datasets. The guild said the closure was driven by market conditions, not product performance, even though YGG Play had generated more than $9 million in lifetime revenue by the end of Q1 2026.

Anchorage Digital said a payment account proposed by the U.S. Federal Reserve would not serve as a workable substitute for a traditional master account. In a comment letter, the crypto bank backed the Fed’s effort to modernize access to the payment system, but argued that the proposed structure falls short in several areas that matter for daily settlement and liquidity management. According to Anchorage, the account would not include access to FedACH, would impose overnight balance limits, would not provide intraday liquidity, and would not pay interest on reserve balances. The company said those features make it materially different from the master accounts that member national banks have held for more than a century. Anchorage also said the lack of FedACH access would leave it reliant on intermediaries for routine payment settlement. The firm added that any slimmed-down master account should include interest on reserves. The debate follows a proposal raised last year by Federal Reserve Governor Christopher J. Waller, who introduced the concept of a “slim master account.”

HashKey Holdings Limited said its wholly owned subsidiary, HKDAG (Singapore) Pte. Ltd., has entered into a non-legally binding framework agreement with the major shareholders of Asia Pacific Exchange Pte. Ltd. and APEX itself for a proposed acquisition of all equity interests in APEX. The target operates financial market infrastructure in Singapore and holds a Monetary Authority of Singapore-recognized exchange license for derivatives trading, while its subsidiary Asia Pacific Clear Pte. Ltd. holds a recognized clearing house license. According to the company, only three institutions in Singapore currently hold both types of licenses under the city-state’s regulatory framework. HashKey said the proposed deal, if completed, would expand its institutional trading and clearing infrastructure and strengthen its regulated business presence in one of Asia’s core financial markets. The transaction has not been finalized and remains subject to definitive agreements and MAS approval. HashKey said no final documents have been signed and the required regulatory approval has not been obtained, meaning the acquisition may or may not proceed.

Stablecoins posted their biggest monthly market-cap drop in four years in June, yet adjusted settlement volume climbed to a record $1.79 trillion in the same month, up 63% from May and 125% from a year earlier. The divergence points to a shift in how the sector is being used: less idle balance, more payment turnover. According to the report, total stablecoin market value slipped by about 3% from the May peak to roughly $300 billion. USDT fell from about $190 billion in May to about $184 billion, while USDC retreated from nearly $80 billion at its March high to around $74 billion. That decline was far smaller than the roughly 26% collapse seen during the 2022 Terra crisis. The article links part of the change to the GENIUS Act, signed in July 2025, which bars issuers from paying interest on payment stablecoins, and to an OCC draft issued in February that would extend the restriction to affiliated structures that mimic yield. As a result, idle cash has moved into tokenized Treasury funds, which the report says grew from a record $11 billion in March to nearly $16 billion. Meanwhile, stablecoins are being held for shorter periods and used more intensively for settlement, especially by businesses. Data cited in the article also show USDC taking a larger share of adjusted transaction volume, while real-world payments remain only about 1% of flows but have grown 30-fold from two years earlier.