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Today in crypto, El Salvador celebrates Bitcoin anniversary, Paxos has proposed a fully compliant USDH stablecoin for the Hyperliquid ecosystem. Meanwhile, Michael Saylor’s net worth has increased by $1 billion since the start of this year.
El Salvador celebrates four-year Bitcoin anniversary
El Salvador’s Bitcoin Office, the country’s national Bitcoin (BTC) agency, celebrated its Bitcoin anniversary on Sunday, marking four years since the Central American country made Bitcoin legal tender and adopted other pro-BTC regulations in September 2021.
The Bitcoin Office highlighted the fact that El Salvador was the first country in the world to establish a Bitcoin strategic reserve, which currently holds over 6,313 BTC, valued at over $702 million, and its various BTC and artificial intelligence public education initiatives.
However, the country has since repealed its Bitcoin legal tender law and scaled back government involvement in the Bitcoin sector, prompting questions about the success of El Salvador’s Bitcoin experiment.
Paxos proposes Hyperliquid-first stablecoin, allocates yield to HYPE buybacks
Stablecoin infrastructure firm Paxos has submitted a proposal to launch USDH, a Hyperliquid-first stablecoin that would be fully compliant with the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) and Markets in Crypto-Assets (MiCA) regulatory standards.
According to the announcement, published on Saturday, 95% of interest earned from USDH reserves would be used to buy back Hyperliquid’s native token HYPE, redistributing it to users, validators and partner protocols.
“We propose the launch of USDH, a Hyperliquid-first, fully compliant stablecoin purpose built to drive adoption, align incentives, and anchor the ecosystem’s next era of growth,” Paxos wrote.
Paxos Labs, a newly formed entity within Paxos, will lead the initiative. It has acquired infrastructure firm Molecular Labs, the developer behind Hyperliquid primitives LHYPE and WHLP, enhancing its understanding of Hyperliquid’s onchain financial architecture.
Michael Saylor’s fortune jumps $1B amid billionaire index inclusion
Strategy co-founder and executive chairman Michael Saylor has seen his net worth soar by $1 billion since the start of the year, coinciding with his debut on the Bloomberg Billionaire 500 Index.
Saylor ranks 491st on the Bloomberg Billionaire Index with an estimated net worth of $7.37 billion, up 15.80% since Jan. 1. Over the same period, shares of his company Strategy (MSTR) have gained nearly 12%, as per Google Finance.
According to the Index, which tracks the world’s richest 500 people based on their net worth, approximately $650 million of Saylor’s fortune is in cash, while the remaining $6.72 billion is tied up in Strategy equity.
Saylor joins other crypto billionaires on Bloomberg’s list, including Coinbase CEO Brian Armstrong, who is ranked 234th with a net worth of $12.8 billion, and Binance founder Changpeng “CZ” Zhao, holding the 40th spot with $44.5 billion.
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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