The cryptocurrency sector remained range-bound on Thursday, with most assets recording mild losses.
While Ethereum maintains the $4,000 target, Visa’s new integration and PUMP decoupling grabbed the attention of altcoin enthusiasts today.
Visa enriches stablecoin settlement
Visa continues to cement its presence in the digital currency market.
According to today’s press release, the firm has added Avalanche and Stellar to bolster its stablecoin settlement system.
That comes as the payment giant sees a stablecoin boom, especially after the United States’ regulatory clarity.
Visa’s move reflects its commitment to lead the pack as cryptocurrencies enter the mainstream.
Meanwhile, the latest expansion includes dollar-pegged stablecoins PayPal’s PYUSD and USDG.
The company didn’t stop there. It has also integrated Circle’s euro-backed stablecoin EURC.
That offers Visa customers the flexibility of using EUR and USD-backed tokens for settlement.
According to Visa’s Head of Growth Products & Strategic Partnerships, Rubail Birwadker:
Visa is building a multi-coin and multi-chain foundation to help meet the needs of our partners worldwide. We believe that when stablecoins are trusted, scalable, and interoperable, they can fundamentally transform how money moves around the world.
Visa’s expanding stablecoin ecosystem is more than a technical move.
It is a crucial step toward mainstream usage of cryptocurrency.
By allowing users to settle transactions across several chains, Visa alleviates the need for delays and conversions.
With that, fintech firms, banks, developers, and merchants can enjoy faster, streamlined on-chain and global transaction experiences.
Meanwhile, Visa’s move underscores the broader trend of financial giants tapping stablecoins to simplify daily spending.
For instance, PayPal launched the “Pay with Crypto” feature to boost digital asset spending in the US.
PUMP dominates charts
While AVAX and XLM dominated fundamentals, Pump.fun’s token stole the show on the charts.
PUMP gained around 32% from $0.002461 to an intraday high of $0.003263.
Various factors drove PUMP’s recovery in the past day.
Firstly, the buyback program renewed investor interest.
The meme Launchpad introduced the 100% fees buyback initiative, and spent 98% of the generated fees to repurchase PUMP on July 30.
PumpFun have pivoted to what seems to be 100% token buybacks.
98% of yesterday’s PumpFun / PumpSwap revenue went to buying $PUMP today.
That triggered the highly needed demand, testified by the increased trading volumes and open interest (Coinglass data).
Revived whale interest enhanced sentiments around Pump.fun.
Lookonchain data shows that one investor scooped PUMP worth $1.06 billion in the past day.
The purchase comes after a previous loss of $125K.
The massive bet indicates conviction in PUMP’s performance in the coming sessions.
Also, the meme token has remained on investor radar since breaking out of the downside resistance trendline.
That relief rally has boosted buyer confidence, and maintaining such trends could trigger full-blown recoveries.
However, broad market sentiments will influence PUMP’s short-term movements.
Continued volatility and persistent bearish signals could mean a short-lived jump.
PUMP trades massively lower from its post-public sale peak of around $0.0090.
Events such as massive dumps from early investors have weakened Pump.fun’s momentum in the past weeks.
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