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PayPal is a digital payments company. By leveraging technology to make financial services and commerce more convenient, affordable and secure, the PayPal platform enables more than 375 million consumers and merchants in more than 200 markets to join and thrive in the global economy.
PayPal reports Q2 revenue of $8.68 billion, advancing stablecoin and AI payment tools
: Global payments company PayPal reported its second-quarter earnings, with earnings per share of $1.26, compared to $1.30 in the same period last year, falling short of the analyst consensus estimate of $1.28. Revenue reached $8.68 billion, surpassing last year's $8.29 billion and exceeding the analyst consensus estimate of $8.47 billion. PayPal recorded a non-GAAP adjustment of $81 million, related to gains and losses from strategic investments and crypto assets held for investment purposes. PayPal stated that since the company does not actively trade these assets and does not rely on them to fund ongoing operations, it excludes the related gains and losses from non-GAAP results. In its second-quarter investor presentation, PayPal stated that the company is leveraging its payments network, risk infrastructure, and trust capabilities to expand agent-based payments, stablecoins, identity, and biometric technologies. PayPal also noted that its PayPal World platform facilitated approximately $200 million in total payment volume between Venmo and PayPal.
PayPal Board Believes Stripe and Advent's $53 Billion Acquisition Offer Is Too Low
According to Reuters, the PayPal board believes the $53 billion acquisition offer ($60.50 per share) jointly proposed by Stripe and private equity firm Advent International undervalues the company, and has concerns regarding regulatory approval risks and financing certainty; it has not yet formally responded to the proposal. The PayPal board believes that if management successfully executes the existing transformation strategy, the company's future potential value will far exceed the current offer. Meanwhile, the acquirers have obtained approximately $50 billion in financing support from JPMorgan Chase and Morgan Stanley, with Stripe and Advent contributing a combined $17 billion in equity. Reportedly, if the parties encounter antitrust hurdles, they may consider divesting assets such as PayPal's Braintree to Advent. Despite differences, Stripe and Advent are still regarded as the most serious potential buyers at present, and negotiations are expected to continue for some time. PayPal will release its quarterly earnings report on July 28, and the market will closely monitor the growth of its core checkout business.
Stripe and Advent Jointly Bid Over $53 Billion to Acquire PayPal
According to Reuters, payment company Stripe and private equity firm Advent International have jointly submitted an acquisition offer to PayPal Holdings (PYPL.O), bidding $60.50 per share for a total valuation exceeding $53 billion, a premium of approximately 28% over PayPal's closing price on Tuesday. The offer is supported by approximately $50 billion in committed bank financing, with both parties planning to hold 50% equity each and not break up the company. The acquisition proposal was submitted earlier this month, following initial contact between the parties in early April. No response has been received from PayPal so far, and Stripe and Advent hope to reach an agreement by the end of the month. Whether the deal will ultimately close remains uncertain.
BitMart to List USD.AI (CHIP)
According to an official announcement, BitMart will list USD.AI (CHIP) at 21:00 (UTC+8) on April 21. The trading pair CHIP/USDT will be available.USD.AI is a permissionless lending protocol providing financing for the AI infrastructure industry. The protocol allows GPU operators to tokenize and collateralize their hardware equipment for quick access to capital. It employs a dual-token model: USDai (a stablecoin over-collateralized by PayPal's PYUSD) and sUSDai (an interest-bearing token with a target annual yield of 10-15%, with returns sourced from GPU-backed loans). CHIP is the governance token, allowing holders to vote on protocol parameters, administrator approvals, and USD.AI Improvement Proposals (UIPs).
Moonpay now supports Discover Network payments, allowing US cardholders to buy and sell cryptocurrencies
crypto payment infrastructure company Moonpay has integrated Discover Network payments. Discover Network cardholders can now buy and sell cryptocurrencies through the Moonpay platform. Discover Network becomes the third major card brand supported by Moonpay in the United States, alongside Visa and Mastercard. Moonpay stated that this support is now available across its network of over 500 enterprise partners, including wallets, exchanges, and applications. Moonpay also supports Apple Pay, Google Pay, PayPal, Venmo, bank transfers, and regional payment channels. Founded in 2019, Moonpay serves over 30 million customers across 180 countries and holds the New York BitLicense, a New York limited purpose trust company charter, money transmitter licenses in multiple US states, and an authorization under the EU's MiCA framework.
PayPal Board Believes Stripe and Advent's $53 Billion Acquisition Offer Is Too Low
According to Reuters, the PayPal board believes the $53 billion acquisition offer ($60.50 per share) jointly proposed by Stripe and private equity firm Advent International undervalues the company, and has concerns regarding regulatory approval risks and financing certainty; it has not yet formally responded to the proposal. The PayPal board believes that if management successfully executes the existing transformation strategy, the company's future potential value will far exceed the current offer. Meanwhile, the acquirers have obtained approximately $50 billion in financing support from JPMorgan Chase and Morgan Stanley, with Stripe and Advent contributing a combined $17 billion in equity. Reportedly, if the parties encounter antitrust hurdles, they may consider divesting assets such as PayPal's Braintree to Advent. Despite differences, Stripe and Advent are still regarded as the most serious potential buyers at present, and negotiations are expected to continue for some time. PayPal will release its quarterly earnings report on July 28, and the market will closely monitor the growth of its core checkout business.
Bitget has listed 30 individual stock spot products, including Disney, Sony, Coca-Cola, and others
Odaily Odaily News According to the official announcement, Bitget has listed a total of 30 individual stock spot products, including rDIS (Disney), rSONY (Sony Group), rMCD (McDonald's), rKO (Coca-Cola), and rPYPL (PayPal).Reportedly, the rToken, identified by the letter r + stock ticker (e.g., rNVDA for Nvidia), is issued by Reality, a licensed RWA protocol under Bitget. By partnering with the compliant brokerage firm Alpaca, it directly connects to global liquidity pools such as Nasdaq and the New York Stock Exchange. Its features include: a 1:1 reserve of underlying assets held by a licensed custodian, stock dividends distributed 1:1 in token form, synchronized mapping of corporate actions (such as stock splits/reverse splits), and holdings can be used as joint margin for unified accounts and USDⓈ-margined contracts, allowing users to flexibly manage funds while holding global stock assets.
Polymarket Exposed for Paying Influencers at Least $350,000 to Promote Its Prediction Market, with Some Content Not Disclosing Commercial Partnerships
Odaily News: Prediction market platform Polymarket's Chief Marketing Officer, Matthew Modabber, was reportedly found to have paid content creators at least $350,000 through his personal PayPal account between January 2025 and February 2026, to promote Polymarket and its prediction market data.Reports indicate that Modabber transferred over $2.5 million to more than 800 individuals over 14 months. According to a Politico investigation, at least 20 influencers who received payments subsequently posted approximately 490 pieces of content related to Polymarket on social media platform X, with the majority failing to clearly disclose the paid partnership.Creators involved include conservative commentator Alex LoRusso, political commentator Brian Krassenstein, and Fox News contributor Riley Gaines. The related posts often described Polymarket's odds changes as "BREAKING" news or event bellwethers, aiming to reinforce the public perception of the platform's predictive accuracy.A Polymarket spokesperson responded that collaborating with content creators is a standard marketing strategy for the company, intended to provide global users with "the most accurate, transparent, and data-driven market insights." However, the company did not address questions regarding why personal accounts were used for payments or whether the related promotions complied with disclosure requirements.The report notes that following Trump's election victory, interest in prediction markets surged, and Polymarket's trading volume grew rapidly. As the platform seeks to re-enter the U.S. market, it is expanding its brand influence through social media and opinion leaders, while also facing scrutiny over information disclosure, market influence, and regulatory compliance. (Politico)
Dogecoin Integrates into Paxos Enterprise Network, Potentially Gaining Indirect Access to PayPal and Venmo Ecosystems
House of Doge, an organization associated with Dogecoin (DOGE), has announced a partnership with regulated stablecoin and crypto infrastructure provider Paxos to integrate Dogecoin into its enterprise-grade crypto brokerage and custody network.Paxos serves as the underlying blockchain infrastructure provider for payment platforms such as PayPal, Venmo, and Mercado Libre. These platforms leverage Paxos's capabilities to offer users crypto asset buying, selling, and custody services. This initial partnership is focused on enterprise clients, and it remains unclear whether it will expand to consumer-facing applications in the future. Marco Margiotta, CEO of House of Doge, stated that this collaboration will accelerate Dogecoin's global accessibility and provide a compliant entry path for mainstream fintech platforms.Paxos stated that the move aims to provide secure and compliant access to digital assets through its regulated infrastructure, and to support enterprise clients in expanding their crypto asset product lines. (The Block)
Paxos receives SEC clearing agency registration approval
blockchain infrastructure platform and stablecoin issuer Paxos has announced that its subsidiary, Paxos Securities Settlement Company, has obtained registration as a clearing agency with the U.S. SEC, allowing it to provide clearing and settlement services as a central securities depository in the United States. In October 2019, the SEC issued a no-action letter to Paxos, permitting a pilot for blockchain-based U.S. stock settlement services, which went live in February 2020. Paxos stated that the pilot achieved same-day settlement, reduced costs, and improved operational efficiency within a regulated framework. Stablecoins and digital assets issued by Paxos include PayPal USD, Global Dollar, and Pax Gold. The SEC issued a Wells Notice to Paxos in 2023 regarding the issuance of Binance USD and concluded its investigation in 2024. Additionally, Paxos reached a $48.5 million settlement with the NYDFS in August 2025 concerning compliance issues related to Binance and BUSD. (Cointelegraph)
PayPal reports Q2 revenue of $8.68 billion, advancing stablecoin and AI payment tools
: Global payments company PayPal reported its second-quarter earnings, with earnings per share of $1.26, compared to $1.30 in the same period last year, falling short of the analyst consensus estimate of $1.28. Revenue reached $8.68 billion, surpassing last year's $8.29 billion and exceeding the analyst consensus estimate of $8.47 billion. PayPal recorded a non-GAAP adjustment of $81 million, related to gains and losses from strategic investments and crypto assets held for investment purposes. PayPal stated that since the company does not actively trade these assets and does not rely on them to fund ongoing operations, it excludes the related gains and losses from non-GAAP results. In its second-quarter investor presentation, PayPal stated that the company is leveraging its payments network, risk infrastructure, and trust capabilities to expand agent-based payments, stablecoins, identity, and biometric technologies. PayPal also noted that its PayPal World platform facilitated approximately $200 million in total payment volume between Venmo and PayPal.
Stablecoin market sees $12.413 billion outflow in 62 days, USDT market cap still exceeds $184 billion
Odaily News According to Defillama data, the stablecoin market has experienced an outflow of $12.413 billion in the 62 days since May 17, 2026, with $1.555 billion flowing out since July 11, marking one of the largest contractions in over four years. As of July 18, Tether's USDT market cap stood at $184.055 billion, while Circle's USDC market cap was $73.376 billion. Over the past week, USDT decreased by 0.06%, and USDC decreased by 0.04%. Sky's USDS market cap was $6.66 billion, declining by 12.30% over the past week, making it the worst performer among the top ten stablecoins.World Liberty Financial's USD1 fell by 4.59%, while Sky's DAI decreased by 0.43%. Global Dollar's USDG rose by 9.08% over the past week, reaching a market cap of $3.164 billion, the highest gain among the top ten stablecoins. PayPal's PYUSD increased by 1.60% to $2.877 billion, while Circle's USYC and BlackRock's BUIDL decreased by 3.64% and 8.68%, respectively.
France risks missing the wave of AI agents and stablecoin payments: Experts say tax system needs adjustment within 6 months to avoid being marginalized
: An opinion piece published in the French media *Le Monde* points out that France may have only about 6 months to seize the new wave of industrial revolution led by "agentic AI". Otherwise, it risks being marginalized in the global digital financial system. Several French crypto industry insiders argue that online transactions driven by AI agents are growing rapidly, with most settlements already completed via stablecoins. According to the *State of Crypto* report by Andreessen Horowitz, the annual transaction volume of stablecoins has reached approximately $46 trillion, nearly three times that of Visa and 20 times that of PayPal, establishing them as a key infrastructure in the global payment system.The article further points out that the x402 standard, promoted by Coinbase and adopted by Cloudflare, Google, and Visa, already supports AI agents in automatically completing payments via stablecoins, with cumulative transactions exceeding 119 million to date.However, in terms of the tax system, France's current provisions are criticized as being unable to adapt to this trend. The complex tax treatment between stablecoin exchanges and fiat withdrawals is believed to discourage the flow of funds back into the banking system, causing a large volume of digital asset transactions to remain within the stablecoin ecosystem for extended periods. As AI agents and stablecoin payments gradually converge, the global financial infrastructure is being restructured. If France fails to promptly adjust its regulatory and tax framework, it may miss out on the dividends of this new wave of the digital economy.
Goldman Sachs Fully Exited XRP and Solana-Related ETFs in Q1 and Reduced Holdings in Bitcoin and Ethereum ETFs
Goldman Sachs’ Q1 2026 13F filing with the U.S. Securities and Exchange Commission (SEC) shows a significant reduction in its holdings of crypto asset ETFs: it has fully exited all XRP-related ETFs and all Solana ETFs offered by Grayscale, Bitwise, and Fidelity. Its Bitcoin ETF holdings still include approximately $690 million in BlackRock’s IBIT and roughly $25 million in Fidelity’s FBTC—both down about 10% quarter-over-quarter. Ethereum ETF holdings declined more sharply: its position in the iShares Ethereum ETF (ETHA) was cut by approximately 70%, leaving about $114 million. Additionally, Goldman Sachs increased its stakes in Circle, Galaxy Digital, Coinbase, Robinhood, and PayPal during the same period, while reducing positions in Strategy and Riot Platforms.
Goldman Sachs Liquidates XRP and Solana ETF Positions in Q1, Still Holds Over $700 Million in Bitcoin ETFs
Goldman Sachs significantly reduced its crypto ETF exposure in the first quarter of 2026 and has completely exited its holdings in XRP and Solana-related ETFs.Filings show that in the fourth quarter of 2025, Goldman Sachs held approximately $154 million in XRP-related ETFs, including products from Bitwise, Franklin Templeton, Grayscale, and 21Shares, making it one of the largest institutional holders of XRP ETFs at the time. Additionally, the firm previously held Solana-related ETFs such as the Grayscale Solana Trust ETF, Bitwise Solana Staking ETF, and Fidelity Solana Fund, all of which have now been fully sold off.However, Goldman Sachs still retains substantial holdings in BTC and ETH ETFs. Specifically, it holds approximately $690 million in BlackRock's IBIT and about $25 million in Fidelity's FBTC, though both positions were reduced by roughly 10% compared to the previous quarter. Meanwhile, its holding in BlackRock's ETHA shrank by about 70%, leaving approximately 7.2 million shares valued at around $114 million.Furthermore, Goldman Sachs increased its holdings in crypto-related stocks such as Circle, Galaxy Digital, Coinbase, Robinhood, and PayPal, while reducing positions in mining and infrastructure companies like Strategy, Bit Digital, Riot Platforms, and IREN. (Cointelegraph)
Stable Updates Whitepaper: 82% of STABLE Tokens Locked Until End of 2029 Release
Odaily News: Stable has released an updated whitepaper, with its core design philosophy centered on rebuilding blockchain infrastructure around stablecoins. Unlike traditional public chains that treat stablecoins as application-layer assets, Stable uses USDT as its native gas asset and primary settlement asset, allowing users to complete transactions without holding additional volatile tokens. Additionally, the network supports PayPal-issued PYUSD as a first-tier settlement asset.In terms of tokenomics, the total supply of STABLE is 100 billion tokens. Of this, approximately 18 billion (18%) entered circulation at token generation, including 10% from the Genesis Distribution and 8% from the Foundation's first-day unlock; the remaining 82 billion (82%) are placed into a consolidated lock-up pool (Universal Lock).According to the whitepaper, the 82 billion locked tokens will adopt a unified release mechanism, unlocking gradually across 7 phases:Phase 1: 5% (4.1 billion) released on December 8, 2027Phase 2: 5% (4.1 billion) released on March 8, 2028Phase 3: 10% (8.2 billion) released on June 8, 2028Phase 4: 15% (12.3 billion) released on September 8, 2028Phase 5: 15% (12.3 billion) released on December 8, 2028Phase 6: 20% (16.4 billion) released on March 8, 2029Phase 7: 30% (24.6 billion) released on June 8, 2029All locked tokens will be unlocked through a daily linear release mechanism, with all tokens expected to fully enter circulation by December 8, 2029 at the latest. In addition, the whitepaper includes a price protection mechanism: if the 30-day volume-weighted average price of the token falls below $0.025 before the designated release date, the corresponding unlock phase may be delayed by up to 9 months.
MGBX to List GSUSDT, SMHUSDT, PYPLUSDT Perpetual Contracts
Odaily News: According to official sources, MGBX will list GSUSDT, SMHUSDT, and PYPLUSDT perpetual contract trading pairs at 18:00 (SGT) on August 4, 2026. Trading will open at 18:00 (SGT) on August 4, 2026, with support for up to 25x leverage.Goldman Sachs is a long-established financial institution founded in 1869, renowned as one of the world's leading investment banks. The SMHUSDT perpetual contract tracks the price of the VanEck Semiconductor ETF, one of the largest and most liquid exchange-traded funds (ETFs) focused on the semiconductor industry globally. Additionally, PayPal, spun off from eBay in 2015, focuses on online transactions, providing electronic payment solutions for merchants and consumers.
Bybit today launches perpetual contracts for BRKB, PYPL, MA, KO, PEP, and WMT stocks
Bybit today has added six US stock perpetual contracts: Berkshire Hathaway (BRKBUSDT), PayPal (PYPLUSDT), Mastercard (MAUSDT), Coca-Cola (KOUSDT), PepsiCo (PEPUSDT), and Walmart (WMTUSDT), supporting up to 25x leverage. To celebrate the launch, limited-time trading fee discounts are available: 0% maker fees and 50% discount on taker fees.
MoonPay now supports buying and selling cryptocurrency with Discover Network cards in the US
MoonPay has announced that users in the United States can now use Discover Network cards to buy and sell cryptocurrencies. With this integration, Discover becomes the third major US bank card payment network supported by MoonPay, following Visa and Mastercard. Additionally, MoonPay also supports Apple Pay, Google Pay, PayPal, Venmo, bank transfers, and various regional payment channels. (The Block)
Moonpay now supports Discover Network payments, allowing US cardholders to buy and sell cryptocurrencies
crypto payment infrastructure company Moonpay has integrated Discover Network payments. Discover Network cardholders can now buy and sell cryptocurrencies through the Moonpay platform. Discover Network becomes the third major card brand supported by Moonpay in the United States, alongside Visa and Mastercard. Moonpay stated that this support is now available across its network of over 500 enterprise partners, including wallets, exchanges, and applications. Moonpay also supports Apple Pay, Google Pay, PayPal, Venmo, bank transfers, and regional payment channels. Founded in 2019, Moonpay serves over 30 million customers across 180 countries and holds the New York BitLicense, a New York limited purpose trust company charter, money transmitter licenses in multiple US states, and an authorization under the EU's MiCA framework.
PayPal Board Believes Stripe and Advent's $53 Billion Acquisition Offer Is Too Low
According to Reuters, the PayPal board believes the $53 billion acquisition offer ($60.50 per share) jointly proposed by Stripe and private equity firm Advent International undervalues the company, and has concerns regarding regulatory approval risks and financing certainty; it has not yet formally responded to the proposal. The PayPal board believes that if management successfully executes the existing transformation strategy, the company's future potential value will far exceed the current offer. Meanwhile, the acquirers have obtained approximately $50 billion in financing support from JPMorgan Chase and Morgan Stanley, with Stripe and Advent contributing a combined $17 billion in equity. Reportedly, if the parties encounter antitrust hurdles, they may consider divesting assets such as PayPal's Braintree to Advent. Despite differences, Stripe and Advent are still regarded as the most serious potential buyers at present, and negotiations are expected to continue for some time. PayPal will release its quarterly earnings report on July 28, and the market will closely monitor the growth of its core checkout business.
Related news
PayPal and Venmo expand into tuition payments through new integrated services
Odaily News: PayPal and Venmo are expanding into the tuition payment space through new integrated services, having reached new partnerships with three major education payment platforms.
Stable Updates Whitepaper: 82% of STABLE Tokens Locked Until End of 2029 Release
Odaily News: Stable has released an updated whitepaper, with its core design philosophy centered on rebuilding blockchain infrastructure around stablecoins. Unlike traditional public chains that treat stablecoins as application-layer assets, Stable uses USDT as its native gas asset and primary settlement asset, allowing users to complete transactions without holding additional volatile tokens. Additionally, the network supports PayPal-issued PYUSD as a first-tier settlement asset.In terms of tokenomics, the total supply of STABLE is 100 billion tokens. Of this, approximately 18 billion (18%) entered circulation at token generation, including 10% from the Genesis Distribution and 8% from the Foundation's first-day unlock; the remaining 82 billion (82%) are placed into a consolidated lock-up pool (Universal Lock).According to the whitepaper, the 82 billion locked tokens will adopt a unified release mechanism, unlocking gradually across 7 phases:Phase 1: 5% (4.1 billion) released on December 8, 2027Phase 2: 5% (4.1 billion) released on March 8, 2028Phase 3: 10% (8.2 billion) released on June 8, 2028Phase 4: 15% (12.3 billion) released on September 8, 2028Phase 5: 15% (12.3 billion) released on December 8, 2028Phase 6: 20% (16.4 billion) released on March 8, 2029Phase 7: 30% (24.6 billion) released on June 8, 2029All locked tokens will be unlocked through a daily linear release mechanism, with all tokens expected to fully enter circulation by December 8, 2029 at the latest. In addition, the whitepaper includes a price protection mechanism: if the 30-day volume-weighted average price of the token falls below $0.025 before the designated release date, the corresponding unlock phase may be delayed by up to 9 months.
PayPal's New CEO Plans to Restructure Disclosure Approach, Setting Revenue Targets for Three Core Businesses
: PayPal's new CEO Enrique Lores stated that the company plans to set separate revenue targets for its three core businesses for the first time and adjust its financial disclosure approach to help investors more clearly assess the growth potential of each business.This is Lores' first media interview since he took over as PayPal CEO in March this year. He stated that the company will change its current earnings presentation format in the future, establishing clear financial goals for different business lines and improving business transparency.It is understood that PayPal has faced pressures in recent years including slowing growth, intensifying market competition, and investor uncertainty regarding the company's strategic direction. The company hopes to rebuild market confidence by breaking down business performance and clarifying revenue targets.Lores previously served as CEO of HP for a long period. Since taking the helm at PayPal, the market has been closely watching whether he will drive strategic adjustments for the company, including optimizing the payment business structure, improving operational efficiency, and seeking new growth drivers.Currently, PayPal has not yet disclosed the specific breakdown of the three businesses or the details of their targets, and related adjustments are expected to be gradually reflected in future earnings reports. (Bloomberg)
MGBX to List GSUSDT, SMHUSDT, PYPLUSDT Perpetual Contracts
Odaily News: According to official sources, MGBX will list GSUSDT, SMHUSDT, and PYPLUSDT perpetual contract trading pairs at 18:00 (SGT) on August 4, 2026. Trading will open at 18:00 (SGT) on August 4, 2026, with support for up to 25x leverage.Goldman Sachs is a long-established financial institution founded in 1869, renowned as one of the world's leading investment banks. The SMHUSDT perpetual contract tracks the price of the VanEck Semiconductor ETF, one of the largest and most liquid exchange-traded funds (ETFs) focused on the semiconductor industry globally. Additionally, PayPal, spun off from eBay in 2015, focuses on online transactions, providing electronic payment solutions for merchants and consumers.
Bybit today launches perpetual contracts for BRKB, PYPL, MA, KO, PEP, and WMT stocks
Bybit today has added six US stock perpetual contracts: Berkshire Hathaway (BRKBUSDT), PayPal (PYPLUSDT), Mastercard (MAUSDT), Coca-Cola (KOUSDT), PepsiCo (PEPUSDT), and Walmart (WMTUSDT), supporting up to 25x leverage. To celebrate the launch, limited-time trading fee discounts are available: 0% maker fees and 50% discount on taker fees.
Binance to Add 10 bStocks as Margin Assets on July 29, 2026
According to an official announcement, Binance will add 10 bStocks tokens as eligible collateral assets in Cross Margin, Portfolio Margin, and Portfolio Margin Pro at 12:00 (UTC) on July 29, 2026. These include Apple (AAPLB), BloomEnergy (BEB), Amazon (AMZNB), Direxion Semiconductor Bear 3X ETF (SOXSB), Dell (DELLB), FluenceEnergy (FLNCB), Applied Materials (AMATB), PayPal (PYPLB), Goldman Sachs (GSB), and VanEck Semiconductor ETF (SMHB). The corresponding trading pairs will be available for margin trading. This feature is only available to VIP3 users and above, and is subject to regional restrictions.