The approval, given by US Bankruptcy Judge John Dorsey on 7 October, allows FTX to use up to $16.5 billion of recovered funds to repay customers who lost their money.
In total, the company has spent 5.965 billion yen (around $40.32 million) on its Bitcoin portfolio, at an average price of ¥9.33 million ($62,906) per $BTC.
By using $PYUSD, PayPal aims to show how stablecoins can help companies make instant payments without the delays often associated with traditional financial systems.
As this appeal moves forward, the status of Ripple’s cryptocurrency, $XRP, remains uncertain.
The outflows from both Bitcoin and Ethereum ETFs come at a time of increased global uncertainty as tensions rise in the Middle East.
Since earlier this year, Metaplanet has been steadily adding to its Bitcoin reserves, showing that it believes in Bitcoin’s long-term potential, regardless of short-term market conditions.
The sudden changes to the payout plan have taken a toll on many FTX customers, who are already struggling after the exchange collapsed and froze their funds.
The entry of more companies into the stablecoin market is adding to the competition, especially against Tether ($USDT), which is currently the largest stablecoin on the market.
The move allows businesses in the US to finally access the same crypto services that PayPal has offered to individual users for years.
Originally, the SEC was expected to make a decision by 26 and 27 September 2024. However, they have now moved these deadlines to 10 and 11 November 2024.
