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PYUSD Loans and Tokenized Assets: A New Era in DeFi

Unleashing Potential: PYUSD Loans and Tokenized Real World Assets In a groundbreaking development within the decentralized finance (DeFi) sector, a Swiss-based platform, Backed, has emerged as a pivotal player by powering PYUSD loans through tokenized Treasury Bill ETFs. This innovative approach not only enhances the utility of PYUSD but also provides new avenues for users to earn yield on their deposits, thus reshaping the landscape of stablecoins and lending markets. The Mechanics of PYUSD Loans Depository Functionality : Users can deposit PYUSD, a regulated USD stablecoin issued by Paxos for PayPal, into a Morpho Blue vault. This vault supports two types of collateral: Backed's tokenized Treasury Bill ETFs Lido’s wstETH Yield Generation : Depositors of PYUSD earn yield by lending to borrowers who take out loans. This dual engine mechanism—an innovative blend of real-world yields and crypto rewards—optimizes returns across varying market conditions. Tokenized Rea
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Produced by Daniel Aharonoff & Mogul Media AI

Edward Snowden Backs Tornado Cash Founder's Legal Defense Fund: A Privacy Advocacy Move

Edward Snowden, the infamous whistleblower turned international fugitive, recently threw his support behind the legal defense fund for Roman Storm, the co-founder of Tornado Cash. Storm, facing charges of money laundering for his involvement in the cryptocurrency mixing service, announced plans to launch a fundraiser in the form of a decentralized autonomous organization (DAO) to secure legal representation. The U.S. Department of Justice's arrest of Storm and his colleague Roman Semenov, along with the Treasury Department's ban on Americans using Tornado Cash, has sparked controversy within the open source development community. As Snowden endorsed the plea for assistance, emphasizing that privacy is not a crime, the implications of these legal actions on developers and the open source space are being closely scrutinized.

Key Points:

  • Edward Snowden, known for his advocacy of privacy and cryptocurrencies, endorsed the legal defense fund for Roman Storm, co-founder of Tornado Cash.
  • Storm faces money laundering charges related to the operation of the cryptocurrency mixing service.
  • The U.S. government's crackdown on Tornado Cash and the subsequent arrests of Storm and his colleague have raised concerns within the open source development community.
  • Snowden's support for Storm's fundraiser underscores the importance of privacy in the face of legal challenges.
  • The implications of these actions on developers and the open source space are significant, as highlighted by Snowden's endorsement of the fundraising campaign.

Snowden's involvement in supporting Storm's legal defense fund not only sheds light on the challenges faced by those in the cryptocurrency space but also underscores the broader implications for privacy and open source development. As the fundraiser gains momentum, the intersection of legality, privacy, and innovation continues to be a focal point in the ongoing debate surrounding cryptocurrency regulation and enforcement efforts.

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