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How to Bet on 2025 Kentucky Derby in Pennsylvania

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The 2025 Kentucky Derby is this coming Saturday, and Pennsylvania horse racing fans have more ways than ever to place their bets. The state has live racing and online pari-mutuel platforms, but fixed-odds betting still isn’t available through local sportsbooks. That’s where legal offshore betting sites come in — they let you lock in a price, offer free bets and bonuses, and skip the late-pool chaos. If you’re in Pennsylvania, you can sign up at a trusted site like BetOnline and bet on the Derby in minutes. Here’s everything you need to know to get started, plus the best bonuses available now.

How to Get Free Bets on the 2025 Kentucky Derby in Pennsylvania

  • !!!Click here!!! to unlock your 2025 Kentucky Derby bonus
  • Register and deposit at least $50
  • Get $1,000 in free bets instantly
  • Pennsylvania bettors can claim every offer listed here with NO RESTRICTIONS.

Top 2025 Kentucky Derby Betting Sites in Pennsylvania

  1. BetOnline — $1,000 in free bets for 2025 Kentucky Derby
  2. Bovada — $750 Bitcoin bonus for Kentucky Derby
  3. BetWhale — $1,250 horse racing offer
  4. BetUS — 125% bonus, up to $2,625 on your first 3 deposits
  5. MyBookie — $1,000 Kentucky Derby 2025 betting offer

How to Bet on the Kentucky Derby in Pennsylvania

Here’s how you can bet on the Derby from your phone or laptop in just a few minutes:

  • Head to ag.
  • Enter your details to create a new account.
  • Fund your wallet using crypto, card, or bank transfer.
  • Claim your welcome bonus.
  • Find the “Horse Racing” section and select the Kentucky Derby.

Best Online Betting Sites for the Kentucky Derby in Pennsylvania

1. BetOnline – Best Overall Site for Kentucky Derby Betting in PA

BetOnline is the most reliable choice if you want to skip the late changes in pari-mutuel odds to bet on the Kentucky Derby. They offer fixed prices right up to post-time, which means your payout is guaranteed once you bet. You also get access to other sports — from MLB and NBA to UFC and golf — so it’s a good all-around platform for sports fans, not just horse players.

  • Fixed odds on the Derby from futures through race day
  • 50% welcome bonus up to $1,000
  • Wide variety of sports markets beyond racing
  • Payouts are fast, especially with crypto

2. Bovada – Smoothest Mobile Horse Betting Experience in PA

Bovada’s interface is clean, responsive, and works great on mobile. It’s especially good for people who want to bet casually across different sports and the Derby. You’ll find props on just about everything, plus live betting and a solid crypto bonus.

  • 75% Bitcoin bonus up to $750
  • Works seamlessly on mobile and tablet
  • Good for same-day sports and racing betting
  • Includes live streams and in-race updates

If you’re into March Madness, MLB, or NFL betting and want a place to do it all, Bovada makes it easy.

3. BetWhale – Great for Getting the Best Price on Longshots in the Kentucky Derby

BetWhale posts early Derby lines and tends to offer more aggressive odds on mid- and long-range horses. It’s a good fit for someone looking to grab value or make larger bets without worrying about limits. They also cover major global sports if you like to bet broadly.

  • 125% bonus up to $1,250
  • Strong Derby prices — especially for under-the-radar picks
  • Good site speed and clean betting layout
  • No-nonsense racebook with direct access to major races

4. BetUS – Best Pennsylvania New Customer Bonus

BetUS gives you a hefty 125% bonus up to $2,000 on your first three deposits and has full racebook functionality. Beyond horse racing, their sportsbook covers everything from NHL to golf to eSports. It’s a good pick if you plan to explore lots of betting angles and want reload promos to go with them.

  • Biggest bonus available for new users
  • Full-service sportsbook and casino
  • Offers reload bonuses and VIP rewards
  • Racing section includes exotic wagers and major events

If you want to make one big deposit and explore a wide range of bets, BetUS is worth a look.

5. MyBookie – Best Pennsylvania Sportsbook for Beginners

MyBookie is a solid choice for beginners. You’ll find clear odds, helpful guides, and a customer support team that actually helps. They’ve also got decent sports coverage — NFL, NBA, MLB, college sports — all tied into a platform that doesn’t overwhelm you.

  • 50% deposit bonus up to $1,000
  • Focused, easy-to-navigate interface
  • Fast Bitcoin payouts for users who want privacy
  • Excellent customer service team

Can You Bet on the Kentucky Derby in Pennsylvania?

Yes — betting on horse racing is legal in Pennsylvania if you’re 18 or older. You can use legal offshore sportsbooks to get fixed odds and huge bonuses.

Here’s what you need to know about betting on the Derby in PA:

  • 18+ to bet – Unlike local sportsbooks that require you to be 21+, our top sportsbooks are available from the age of 18 up.
  • Fixed returns – Lock in your exact payout when you place the bet
  • No apps or tracking needed – Offshore sites work straight from the browser regardless of your location
  • Quick sign-up – Registration and deposit takes less than 5 minutes

Is It Legal to Bet on the Kentucky Derby in Pennsylvania?

Yes, betting on the Derby is fully legal — the state regulates live racing and pari-mutuel wagering. But Pennsylvania doesn’t offer fixed-odds bets through its local apps or sportsbooks. Offshore sportsbooks operate legally outside U.S. jurisdiction and give you early lines, fixed pricing, and more bonus money.

Fixed odds available – Know exactly how much you’ll get back if you win, before the race
Bet early – Futures and props already live for Derby 2025
Bigger promotions – Offshore bonuses are much stronger than domestic offers
Crypto support – Use Bitcoin or Ethereum for fast, secure transactions
Bet anywhere in PA – Works on any device without geofencing

Until fixed-odds betting gets rolled out at the state level, these sites offer a better way to wager.

Kentucky Derby 2025 Odds

Journalism (U. Rispoli) +275

Sovereignty (J. Alvarado) +600

Sandman (J. Ortiz) +1000

Luxor Cafe (J. Moreira) +1100

Baeza (F. Prat) +1400

Rodriguez (M. Smith) +1400

Burnham Square (B. Hernandez Jr.) +1400

Final Gambit (L. Machado) +1600

Citizen Bull (M. Garcia) +1800

East Avenue (M. Franco) +1800

American Promise (N. Juarez) +2000
Grande (J. Velazquez) +2000

Titanicas (J. Rosario) +2500
Coal Battle (J. Vargas) +2500

Publisher (I. Ortiz Jr.) +3300

Admire Daytona (C. Lemaire) +4000
Owen Almighty (J. Castellano) +5000
Flying Mohawk (J. Ramos) +5000

Chunk of Gold (J. Loveberry) +5000

Neeoquos (F. Prat) +8000
Render Judgment (J. Leparoux) +8000

Odds provided by BetOnline

Journalism leads the market at +275 with a strong resume and clean prep campaign. A $100 wager on Journalism would pay $375 total ($275 profit and original $100 stake), whereas a $10 winning bet would pay $37.50 ($27.50 profit and original $10 stake).

Sovereignty at +600 could benefit from a hot pace scenario, while Sandman at +1000 sits in that sweet mid-range — not overbet, not forgotten — and has the running style that fits Churchill well. He’ll stalk and pounce.

Other interesting plays include Grande (+2000), who’s quietly improving, and Rodriguez (+1400), who’ll be near the front early. Titanicas (+2500) has flashed speed and may try to steal it.

2025 Kentucky Derby Pick: Sandman at +1000

Sandman is the play here. He’s been consistent all spring, holds his position in traffic, and doesn’t mind a fight. This race sets up for a horse who can sit just off the speed and finish hard — and that’s Sandman’s game. At +1000 with BetOnline, you’re getting good value on a runner who ticks all the boxes: trip, pace, and form.

Kentucky Derby Pick: Sandman +1000 at BetOnline.

Why RCO Finance’s Growing Ecosystem Is Setting New Standards for Crypto Traders

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With great expectation for its launch later this year, the decentralized finance (DeFi) platform, RCO Finance (RCOF), promises to change how crypto traders interact with both conventional and digital asset markets.

User involvement and cash inflow for RCOF show the excitement, especially after the success of the recently established beta platform, which offers early access to the platform’s capabilities prior to the official launch.

Is RCOF The Hottest Presale In Crypto? Discover Why

RCOF, now in the sixth stage of its presale, is worth only $0.13 per coin. With a remarkable $7.5 million capital infusion from a top-tier venture capital (VC) company, the platform has effectively generated over $17 million in a surprisingly short period.

The addition of a strong set of tools highlights RCO Finance’s standing as one of the top presales in the cryptocurrency market, drawing significant attention from institutional and individual investors alike.

Throughout the year, the RCO Finance team has introduced an unyielding succession of innovative features improving the whole investor experience.

All available via the beta platform through the following link, these features include automatic wealth strategies, fully interactive demo trading, and AI-driven portfolio insights.

Features of the platform also include an AI-powered dashboard, wallet management, an immediate deposit system, a demo trading environment, and connection with Telegram and X (Twitter).

Such interest in the RCO Finance ecosystem is driving the platform to over 285,000 users in only a few weeks currently testing the beta version, up from an initial 10,000.

Still, among the most remarkable products is the AI-powered Robo Advisor. By means of customized investment and trading recommendations, this essential tool enables crypto traders to optimize profits.

How RCO Finance’s Robo Advisor Identifies Winning Assets

Interestingly, the Robo Advisor optimizes returns by means of machine learning algorithms creating customized investing strategies, real-time portfolio monitoring, and asset allocation changes.

The technology examines data in real time to guarantee investments stay on course, therefore eliminating emotional biases and spotting market patterns perhaps missed by human traders.

By constantly monitoring real-time data across several assets, the Robo Advisor identifies profitable trading possibilities and rapid and precise trade execution.

The Robo Advisor’s capacity to change with any market condition, bullish or bearish, is vital for increasing profits in the turbulent cryptocurrency market since it lets trades be done at the best times.

For instance, the Robo Advisor can help a trader who wants to profit from developing cryptocurrency trends and find coins with notable promise.

Consider the TRUMP token; the Robo Advisor could see early indications of its fast rise from under $1 to over $70, as shown earlier this year following its launch.

Such sophisticated technology shows the great possibilities RCO Finance’s platform and features provide by allowing traders to grab chances that might greatly increase their portfolios.

Bridging The Gap Between Digital And Traditional Markets

RCO Finance is going to democratize access to institutional-grade trading tools and formerly unreachable markets beyond just serving crypto traders.

Including stocks, shares, derivatives, real assets, and exchange-traded funds (ETFs), the platform offers access to more than 120,000 assets spread throughout 12,500 asset categories.

Historically, institutional investors have had restricted access to these instruments due to their high liquidity needs. RCO Finance, however, makes these financial solutions more available by dividing them into smaller, more reasonably priced components.

This implies that crypto traders will now have access to well-known crypto equities like MicroStrategy’s MSTR, Coinbase’s COIN, and high-performing Bitcoin and Ethereum ETFs from the RCO Finance platform.

But that’s not all. The protocol’s roadmap, bolstered by institutional support, promises interesting new features for users who participate in the crypto presale today.

Join The Token Presale Today For Major Gains

Set to debut in the second half of the year, forthcoming features include Crypto-Funded Demo Trading, In-Depth Trade Performance Analytics, a Demo Trading Leaderboard, and AI-Powered Simulated Trading. Among other developments, the site will also include an AI Trading Indicator.

These qualities are essential to the expected 400% increase for individuals engaging in RCO Finance’s token presale today when combined with strong tokenomics supporting staking incentives, cashback offers, and notable trading fee discounts.

Holders should anticipate large gains once RCOF is fully launched to the market and published on crypto exchanges later this year. Market analysts say buying RCOF today for $0.13 could result in a rise near $0.60 driven by more user and institutional involvement and projected capital inflows.

As more investors from both conventional and digital markets see the possibility of the protocol’s presale for their financial future, join RCO Finance’s token presale today to stay ahead of the curve before this chance passes by.

Supported by ongoing smart contract audits securing every transaction, explore the beta and experience these capabilities firsthand in a user-friendly interface all while enjoying privacy and security without know-your-customer (KYC) obstacles.

 

For more information about the RCO Finance (RCOF) Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

AI Crypto Related Tokens Shown Resilience Amid Market Instability

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AI-related crypto tokens have shown strong performance compared to the broader cryptocurrency market in recent years, often driven by growing interest in artificial intelligence and its integration with blockchain technology. Data from 2024 indicates that AI and big data tokens surged by 131% in market capitalization from June to November, reaching $42.1 billion, fueled by the Bitcoin bull run and investor confidence in AI’s potential.

Specific tokens like Render (RNDR), Fetch.ai (FET), and Bittensor (TAO) have outperformed major cryptocurrencies such as Bitcoin and Ethereum during certain periods, with RNDR gaining 600% in six months and TAO rallying 164% over 30 days in 2024.

Posts on X reflect similar sentiment, noting that AI tokens have outperformed Bitcoin by a wide margin (10,287% vs. 133% over three years) and continue to lead in market bounces since Q4 2024. However, some skepticism exists, with critics labeling certain AI tokens like TAO as “memecoins” capitalizing on hype, suggesting volatility and speculative risks.

Increased interest in AI technologies, especially post-ChatGPT, has boosted demand for blockchain projects integrating AI, such as decentralized computing (Render), AI marketplaces (Fetch.ai), and machine learning networks (Bittensor). Real-world use cases like predictive analytics and automated trading enhance their appeal.The broader crypto market surge, with Bitcoin reaching $103,332 in December 2024, has lifted altcoins, including AI tokens. X posts highlight AI tokens riding this wave, with market cap for AI/big data tokens hitting $42.1 billion by November 2024, up 131% since June.

AI tokens are seen as high-growth opportunities, attracting speculative capital. Tokens like TAO and RNDR have seen massive gains (TAO +164% in 30 days, RNDR +600% in six months in 2024), fueled by FOMO and narratives around AI’s transformative potential.Blockchain’s decentralization aligns with AI’s need for secure, distributed data processing, driving interest in projects solving scalability and privacy issues. This synergy is emphasized in X discussions as a long-term value driver.

Positive sentiment on platforms like X, where users tout AI tokens’ 10,287% three-year gains vs. Bitcoin’s 133%, amplifies momentum. However, some warn of overhype, with tokens like TAO labeled as speculative “memecoins.” Despite the rally, risks like regulatory uncertainty, project viability, and market volatility could temper gains. The rally’s sustainability depends on continued innovation and adoption.

The outperformance of AI tokens (e.g., RNDR +600%, TAO +164% in 2024) offers high returns but also high volatility. Investors may see speculative gains, but overhype and “memecoin” dynamics increase the risk of sharp corrections. The rally diversifies the crypto market, shifting focus from Bitcoin and Ethereum to altcoins with real-world utility, potentially attracting new investors but also spreading capital thinner across projects.

Early adopters of AI tokens may see significant wealth gains, but late entrants risk losses if the rally falters due to regulatory crackdowns or project failures. The rally fuels funding for projects like Fetch.ai and Bittensor, advancing decentralized AI solutions for computing, data marketplaces, and predictive analytics. This could lead to breakthroughs in scalable, secure AI systems.

Increased capital incentivizes competition among AI crypto projects, potentially driving technological advancements but also risking redundant or low-quality projects flooding the market. Projects like Render, focused on decentralized GPU computing, could bolster infrastructure for AI applications, reducing reliance on centralized cloud providers like AWS.

The rally strengthens the case for decentralized AI, promoting privacy and user control over data. However, speculative hype may overshadow genuine use cases, eroding public trust if projects underdeliver. Decentralized AI platforms could democratize access to advanced AI tools, especially in underserved regions, but high token prices and technical barriers may limit participation.

The rapid rise of AI tokens, with a $42.1 billion market cap by November 2024, may draw stricter regulations, impacting innovation and investor confidence. Governments may target tokens labeled as speculative, like TAO. AI tokens’ success signals a shift toward utility-driven cryptocurrencies, potentially reshaping market dynamics and challenging Bitcoin’s dominance.

AI token projects could influence sectors like finance (predictive trading), healthcare (data analysis), and gaming (decentralized rendering), fostering cross-industry adoption of blockchain-AI solutions. The rally’s reliance on hype, as cautioned on X, raises fears of a bubble. A crash could dampen enthusiasm for AI crypto, while sustained growth could solidify its role in the tech ecosystem.

The rally drives innovation and investment but carries risks of volatility, regulatory pushback, and speculative excess. Its long-term impact hinges on projects delivering tangible value and navigating market and regulatory challenges.

While AI tokens show promise due to real-world applications like decentralized AI marketplaces and predictive trading algorithms, their outperformance is not guaranteed. The crypto market is highly volatile, and factors like regulatory changes, project execution, and competition can impact future results. Investors should research specific projects and consider risks carefully.

Onafriq Partners Circle to Expand Access to Cross-Border Payments Across Africa With USDC

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Onafriq, a pan-African payments company that enables interoperable cross-border and domestic digital payments, has partnered with Circle a global financial technology company, to expand access to cross-border payments across Africa with USDC.

By integrating USDC-powered settlement solutions into its network, Onafriq is making intra-African payments faster and more efficient for individuals and organizations.

Today, over 80% of intra-African payments take a costly detour through foreign banks, settling in dollars or euros and draining a jaw-dropping US$5 billion annually in transaction fees. This clunky system stifles Africa’s economic dreams.

This partnership marks a significant step in leveraging stablecoins and blockchain infrastructure to build a more affordable and inclusive cross-border payment system that lowers costs, simplifies transactions, and strengthens trust.

Speaking on the partnership, Dare Okoudjou, Onafriq’s founder and CEO, said,

“Our partnership with Circle is an important milestone, reinforcing Onafriq’s commitment to harnessing technology to remove complexity from cross-border payments. By integrating USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs, and strengthen trust. This collaboration underscores our vision to democratize access to payments and drive financial inclusion across the globe. We’re not just envisioning the future of payments we’re actively building it.”

Also speaking, Miriam Kiwan, vice president, of Middle East & Africa at Circle, said,

“The emerging markets that Onafriq serves hold tremendous potential for digital asset innovation, particularly in the adoption of stablecoins for cross-border payments. Our partnership with Onafriq aligns perfectly with Circle’s mission to promote financial inclusion and improve efficiency in areas where traditional banking has often been costly and inaccessible. Together, we aim to transform how money moves across borders, offering secure and transparent digital payment rails that enhance economic empowerment and connectivity.”

Over the past year, there has been a major leap forward in the growth and maturation of the USDC economy. Around the world, there is significant momentum as more people and businesses tap the power of digital dollars on blockchain networks. Developers continue to discover the power of USDC and Circle’s technologies as a platform for building apps that can make global commerce and finance better, faster, and more inclusive. Stablecoins and blockchain are the keys, to unlocking faster, cheaper, and more inclusive transactions that empower individuals and businesses alike.

Onafriq, a pan-African payments company that enables interoperable cross-border and domestic digital payments, has been driving the next step in this revolution. The company boasts a multi-cultural, multi-talented, agile team from over 30 different nations that is driven to create access to a borderless world for millions of Africans and African businesses.

By infusing Onafriq’s sprawling network connecting over 500 wallets and 200 million bank accounts across 40+ African markets with Circle’s USDC-powered settlement solutions, this partnership is turbocharging cross-border payments.

Notably, this collaboration is a giant leap toward a self-reliant, inclusive pan-African financial ecosystem, one where blockchain and stablecoins pave the way for a future that’s faster, fairer, and fiercely connected.

Impact of the Collaboration

• Cost Reduction and Economic Efficiency

The collaboration tackles the US$5 billion in annual transaction fees drained by foreign bank routing. Using USDC for settlements significantly lowers costs for individuals, businesses, and institutions. Cheaper transactions free up capital for investment, consumption, and growth, boosting Africa’s economic integration and competitiveness.

• Faster Transactions

Blockchain-based USDC settlements enable near-instantaneous cross-border payments, unlike the delays of traditional systems. Speed enhances business agility, supports real-time commerce, and improves cash flow for millions of users, from small entrepreneurs to large enterprises.

• Enhanced Financial Inclusion

By simplifying access to cross-border payments, particularly through mobile money platforms, the partnership reaches underserved populations, including those without traditional bank accounts. This democratizes financial services, empowering millions of Africans to participate in the global economy, fostering entrepreneurship, and reducing poverty.

• Strengthened Trust and Transparency

Blockchain’s transparent, secure ledger ensures reliable transactions, while USDC’s stability mitigates currency volatility risks. Increased trust encourages adoption by individuals, businesses, and regulators, paving the way for broader acceptance of digital currencies in Africa.

• Advancement of a Pan-African Financial Ecosystem

The partnership reduces reliance on foreign currencies and banks, promoting a self-reliant financial infrastructure tailored to Africa’s needs. This supports regional integration efforts, such as the African Continental Free Trade Area (AfCFTA), by enabling seamless trade and investment across borders.

Looking Ahead

The Onafriq-Circle collaboration is a pivotal moment in Africa’s financial evolution, signaling a shift toward a modern, inclusive, and efficient payment infrastructure. It challenges the dominance of legacy systems, empowers local economies, and sets a global benchmark for how emerging markets can leverage digital assets responsibly.

By reducing costs, enhancing access, and fostering trust, this partnership not only transforms how money moves within Africa but also strengthens the continent’s role in the global financial landscape, paving the way for a more connected and prosperous future.

U.S. Concluded Its Investigation into PayPal’s PYUSD Stablecoin Without Taking Enforcement Action

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U.S. Securities and Exchange Commission (SEC) concluded its investigation into PayPal’s PYUSD stablecoin without taking enforcement action, as disclosed in PayPal’s Form 10-Q filing on April 29, 2025. The probe, which began in November 2023 with a subpoena requesting documents related to PYUSD’s launch and operations, ended in February 2025.

PayPal cooperated fully, and the SEC’s decision aligns with a broader regulatory shift, including softened stances under new leadership and advancing stablecoin legislation like the STABLE and GENIUS Acts. PYUSD, launched in August 2023, is backed by U.S. dollar deposits, short-term Treasuries, and cash equivalents, with a market cap of approximately $880 million as of April 2025.

PayPal is boosting adoption through initiatives like a 3.7% annual yield program for U.S. users and a partnership with Coinbase to waive PYUSD trading fees. The SEC ended its investigation into PayPal’s PYUSD stablecoin without enforcement action, as noted in PayPal’s April 29, 2025, Form 10-Q filing, likely due to a combination of factors. PayPal’s full cooperation, providing requested documents following the November 2023 subpoena, may have demonstrated compliance with regulatory standards.

PYUSD’s structure—fully backed by U.S. dollar deposits, short-term Treasuries, and cash equivalents—likely aligned with expectations for transparency and stability. Additionally, a shifting regulatory landscape, including new SEC leadership appointed in February 2025 and advancing stablecoin legislation like the STABLE and GENIUS Acts, may have softened the agency’s stance. The SEC’s decision reflects a broader trend of regulatory clarity for stablecoins, especially as market leaders like Tether and Circle face similar scrutiny.

The SEC’s decision to end its investigation into PayPal’s PYUSD stablecoin without enforcement action has several implications. The closure signals that PYUSD’s structure and operations meet current regulatory expectations, boosting confidence in its compliance and stability. This could set a precedent for other stablecoin issuers navigating SEC scrutiny.

With regulatory uncertainty lifted, PayPal can accelerate PYUSD adoption. Initiatives like the 3.7% yield program and Coinbase partnership may gain traction, potentially increasing PYUSD’s $880 million market cap and challenging competitors like USDT and USDC. The outcome may encourage other firms to launch or expand stablecoin offerings, especially as U.S. stablecoin legislation (e.g., STABLE and GENIUS Acts) progresses, fostering a clearer regulatory framework.

The SEC’s decision enhances PYUSD’s credibility, likely attracting institutional and retail users seeking regulated digital assets amid growing stablecoin demand (global market cap ~$150 billion in 2025). The resolution aligns with a softening SEC stance under new leadership and reflects broader regulatory shifts, potentially reducing adversarial oversight and promoting innovation in the stablecoin sector.

Coinbase added support for PayPal’s PYUSD stablecoin, with trading starting on August 31, 2023, on the Ethereum network as an ERC-20 token, provided liquidity conditions were met. Initially listed with an “experimental” label due to its newness and low trading volume, Coinbase has since expanded its partnership with PayPal, announced on April 24, 2025, to boost PYUSD adoption.

This includes offering fee-free 1:1 PYUSD-USD conversions for retail and institutional users and enabling direct redemptions for USD on Coinbase platforms. The collaboration also aims to explore new on-chain use cases, such as payments and DeFi applications, and extend PYUSD support to PayPal’s merchant network to enhance stablecoin utility in commerce. This strengthens PayPal’s position in the digital asset market and supports the broader stablecoin ecosystem’s growth under evolving U.S. regulations.